I took 2 trades on the 17-th of January. Both resulted in losses -14,36 and -8,60. The first trade happened when I was asleep. The alarm woke me up at 3 a.m. The price didn't cross S/R line and after watching the graph for an hour I decided to set stop buy with stop loss of 50 pips and profit limit of 100 pips.
After 2 losing trades, I decided to take some time off. Didn't take any trades on Friday.
As of lately, I've come to an understanding, that I can't catch enough trades on normal hours because of work which takes most of my day leaving only 2 or 3 hours in the evenings. Waking up in the middle of night adds more stress.
Taking that all into consideration, I'm changing my time frame and add more currencies to trade. I will trade on 1 day chart and several non-exotic pairs. Although it's not advised to trade multiple pairs and change a strategy, once chosen, I really don't see any other way of doing this currently. Also this was the style that was working for me before I opened the real account.
This method means more risk as daily movements are bigger. However I try out and see what's reasonable. Risk level per trade should stay below 2%, having 3 trades at a time should be maximum.
I may start doing analysis with pictures for the pairs I plan to trade for the week in the beginning of the week. It all depends how much time it takes and if it helps me to keep track of my development or not.
Currently I'm continuing my journal at www.forexfornoobs.com
Currently I'm continuing my journal at www.forexfornoobs.com
This is subject to change in far future. Until then, I'll keep it there.
This is subject to change in far future. Until then, I'll keep it there.
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About Me
- Elton
- Hi, my name is Elton. Please check my other blogs as well. I'm also a Forex trader (not full time yet). You can see my story at www.eltonforex.blogspot.com
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- I've taken a little time off because of making 3 c...
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December
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- I will resume trading in January. I will trade wit...
- I can almost touch the PROGRESS! Did some backtest...
- I've been observing for the past week, not even ba...
- Today I took 3 losing trades. After that I decided...
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