Stuck in this drawdown trade - what would u do?

now the turn of the AUD/USD to close as per the RSB rules and as per my system of compounding

see the picture

as i have said earlier, this thread is how to save your nick if you make wrong trade, and it is not to brag again, it is not a strategy to trade all time with it, it is just an approach to help young traders who might find in my method a solution to thier wrong trades..

the rules of my method to convert wrong trades into profitable system

 

1. wrong trade is a must, we are human and we must make mistakes
2. do not cry
3. do not use stoploss
4. do not be panic, there is always soltion
5. use the average , even a small kid in KG1 knows how to use it
6. use the compounding method
7. the distance must be less than 250 points
8. you must be aware of the math rules of average
9. sum of loss / 100 points x 1.1 will give you the new expected lot to use
10. money management is a must
11. if you do not know how to use MM, then forex is not your area, go and play PS2.

i call it RSB theory

enjoy

HI ABOKWAIK, LONG TIME NO SEE

HERE IS MY AUD/USD, IT IS GOING TO TOUCH MY COMPOUNDING TAKE PROFIT LINE

What is the idea of the rsb theory

it is the average between two trades and mainly on the h4 time frame

but you can use the same idea to convert wrong trades into real profit system and i write system not trade

the wrong trade is wrong, but it is a member in another matrix of trades in the same pair

so to think outside the box, and to be simple, wait until the abc distance is more than 300 points and make a new trade what is so ever the lot size, then wait and read the Psar direction, if the Psar direction is in your favor make another trade as per the compounding and your MM

and keep it

then the market has the right to move either into your take profit point or the opposite with more losses

here you should be a real trader who knows math and MM

you wait till another 300 points are there and the compounding will tell you how much lots size you should use

or you can use it manually

loss in $ x 1.1 / 100 points = new lot size

that's it

as the AUD/USD IS BECOMING WEAK
I MADE SELL TRADE

SO THE BUY WITH PROFIT ARE ALL CLOSED MANUALLY BY MYSELF AND I HAVE OPENED ONE SELL TRADE

THE COMPOUNDING WILL NOW HELP ME TO CLEAR MY MIND FOR BETTER TRADING

You are not stuck in a trade.
Click to exit.
See, you're out!

You are stuck in your head, Mate!
You are telling yourself you are stuck.
Knock it off.

Green pips to all.
Cheers!

That's a classic Fuck U pattern.

I would edge the trade and unroll it bit by bit from a weekly tf.

1. Define what type of trader you are or want to be: scalper, day trader, swing trader or investment trader.
Depending on which, will determine the parameters you use to develop your strategy and skills in a rule based methodology.

thanks guys for all your replies!.. much appreciated.

I am not in the market to make $10 a day, really. I like to risk more to gain more.

Been studying markets for a year, lost money in beginning.. then I started again last month and making some days 1$k/ day.. and that was starting with a $2k account. I traded and then things turning around and profits taken. Now im in status quo with a $2k account.

I know I have an edge. i just haven't systemised it yet. working on it.. and loving the process every day.

Yes going back to see where I was doing good vs now, is what I am working on.
I definitely see I was blending in fundamental analysis much more than I am doing now,, and that is whats hurting my performance as I see it.
I was using more confluence areas as well. any way, I will find my way and I am sure will get back to $1k/day. Will it be without risk, No.. I know.


My style
Dt3 - I am a scalper. I find confluence areas in a day and take advantage of that.. it could be any currency and any style, trend, breakout, reverse.. whatever I see on the patterns combined with stronger/weak currencies based of sentiment/calender data.

yes I agree.. I have to fine tune my edge so it fits a scalping style. Trying to systemise it,, but not easy when in a loosing streak.
I am creating an excel sheet of some calculations, a checklist. Also a money management system.

I opened my trades publicly. You are welcome to critize
... As you see.. the 8th of March things took a turn for me. Otherwise I had profit from $2k-9k

1. I am aware I am taking large positions compared to my balance.
2. I am aware I am not using stops.
3. I am aware I have drawdowns.

... some how that worked for me. But as things in fxworld isnt consistant, this where I need to create my own strategy.
And aparently something is working, something is not... so I need to work on what does it for me.


pls note: I am open to critique and your advice.. but please do only if you are making real money and profitable.
I dont need advice from people that are making $10/day, 0.01 lots, with 100% winrate etc..

That kind of money wont get me anywhere. and its not my trading style.



*
No offence Samer, could you please lower the posts and not hijack. I was asking for advice, not to see others systems/methods.
I am glad for you you are making pips with your EA. keep it up.
thanks

OK, 1st $10/day/100%wins = profitable or in gambler terms $$$$$$$$$$$$$$$$$$$.

$10 a day @ .10 = 100 pips a day, that means you are kicking some ass. I would rather be a consistent trader than a LUCKY one, who hits big here or there, once in a while. Are you making 100 pips a day?

@ 57% you could make whatever strategy you use profitable, by making a money management implementation. RR = 1:2, 1:2.5, but in your case, this may not work, because you do not have, what I call, a "bread and butter" trade, that consistently has a high % win rate. I could be mistaken, but reading your post and looking at your stats, I don't see it, YET.

You mentioned that you use correlation, breakouts, ect... Do you know the probability % associated with any one of the numerous techniques your using?

Trade Duration on your explorer is @ 6 hours. On avg. This is what I call a session trader = Day Trader. Not a scalper.

What TF do you gravitate to?

This should get you thinking in the right direction.

If you're a gambler wait, if not, cover your losses. RBNZ Official Cash Rate and Rate Statement are coming in half an hour. It will probably be NZD positive. They might even surprise us with future rate hikes announcement (RBNZ can be very unpredictable). BUT if they won't sound hawkish, we might revisit 0.69 low, given that corrective flag has already been broken and we are in risk off environment which is NZD negative. You shouldn't find yourself in this situation in the first place. I'm sorry but I must say your risk management sucks big time. Please learn more about position sizing... Here's an article http://www.tradeciety.com/position-s...forex-traders/
...
Statement was a mixed bag no future cuts but also no hikes on horizon either... Given the risk aversive sentiment I'd close positions now, if I were you. NZD is a carry trade currency which doesn't do good against safe haven currencies in such environment. Just my 2 cents.

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to trade what is the market is showing is the same as trading in the past bcz the signal is in the past and it is not in the future, so you will guess what will be the next direction of the price.

Wow, that's a bit of a risky trading if u ask me. I would also recommend using always SL, but of course that depends on the strategy u r using. Based on this investment, I wouldn't trade 1lot