The Advantages and Disadvantages of Tight Stop Loss Trading

After reviewing trades for the past 2 days, I can see they were just those days when profit potentials are limited. Nothing needs to be changed. Just follow my PIP and look for 30 pips or more profit opportunities which may come per my trading system.

Be patient and build skills every day. Don't worry about money but only focus on the market. Profit will come.

Well, one winning day means almost nothing. I must keep doing the right things which is to follow my PIP and rules.

Both trading and mental skills must be built every day. It's even more important to do so when I have a winning day.

I recognized that I was trading the wrong direction right after my last position was stopped out on Friday. After reviewing all my trades, I found that I was not very good on recognizing the trend changing from the down side to the up side. I must improve my skills and stay flexible with market direction.

Friday was one of the 2 days last week offering 30 pips or more profit potential and I did not catch it so I ended the week with 0.7% which is way below my weekly profit target. However, I must feel happy that I was trading more disciplined than even before while I am on PIP.

I sometimes told myself if I should close my position with less profit. I believe I should stay with my PIP and only trade with 30 pips or more profit potential. Think about this: If I have the right skills to recognize the trend reversal on Friday (just as I did on Tuesday which was reversed from up to down), I could have ended the week reaching my weekly profit target.

Yes, there is nothing wrong with my PIP but my skills and my focus on the PIP and rules (I could have recognized the trend changing if I did write notes per my plan). I must improve my skills on daily based and follow every details of my rules.

Check my trade list to see how I traded last week and hope all the readers of this thread can improve their trading skills as well.

I look forward to a better trading week.

After reviewing my trades,I found that most of my entries were good for about 12 pips if I could have closed them earlier. This only means I did not wait for 30 pips profit opportunities. However, sometime I must be flexible on exiting too while I must manage 30 pips or more profit potential.

Need to work on my exiting skill too.

Well, I did not do well on my PIP the first 2 weeks, did not make 25% profit as well as 55% winning ration. The reason is simple that I did not trade with the trend.

I don't need to make any changes to my PIP. I only need to follow my trading plan and trade with the trend, at less the trend changed is confirmed. Keep it up. All I need is 15% per week to reach my profit target.

Again, I am building my skills as long as I am trading.

Well, I must follow my PIP now after 2 even days. It's more important for me to be consistent on my plan...

Good thing will happen soon as long as I can follow my plan and make improvement every day.

Well, -3.9% alone with some good Stopped outs this week are signals for me to review my trades. I found that I did enter some position a little too earlier and miss some good profits.

After reviewing my trades, I finalized my trading processes (please note that I trade the same system) with more details about my trading timing.

My trading results are not there yet but my trading skills are improved.

I made some changes on my trading, not my trading system. You may see some improvements on my trading.

I will update here what I have been changed soon while I must focus on building my trading skills.

Check my trades and see how I made some adjustments.

 

1. Exit position when I see bad signal instead of going for 30 pips.
2. Move SL to BE as soon as the market moves to my favor because I should get in when the market is ready to move.
3. Trade with more patient and be a little more flexible.

I need to continue build my skills and look forward to a much better trading future.

I must improve my winning rate while I can catch some bigger wins now.