You're probably right ::: I'll start another thread and trade a live account in the next couple of weeks once I have sufficient time to trade 2 sessions ::: The reason why I'm trading a "sim" account was to test a simple binary strategy, I actually have a live account trading e-mini NQ :::
1%\day average trading USD/CAD over the next year.
- Thread starter SimpleTrades
- Start date
Highly bizarre. A sim trader who can't lose, and me, the thread starter, walks right into a losing streak after starting the thread!
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Nice improvement today thanks to the jobs report. Of course, this only punished the value of my US denominated equities with respect to the CAD. So, I guess everything is just balancing out in the wash.
Progress is being made. However, I have to admit I am off to a VERY VERY slow start.
Creeping up little by little. Good day overall in everything: forex and equity trading.
Your actions make no sense.
Instead of taking a small loss you've just sat on it for weeks hoping for an eventual retracement.
According to the premise (and title) of this thread, you could have made that loss back in 4 days of active trading.
Do you really think this trade will be up $2500 in a month's time just by you sitting on your hands and hoping?
I'll scalp a few trades when I can. In the meantime, I will not close temporarily losing trades that are on the right side of a longer term trend. If those trades were long USDCAD, they would have been closed long ago.
Truth is, I may simply not have time to achieve my goal. I have a full-time job and a family to care for. Trading is not a full-time job. I'm doing what I can, and I have a strategy that works so far given my circumstances.
By the way, NO, I can not necessarily gain that back in 4 days. You have misunderstood the premise. I am not proposing that I earn a minimum of $100/day; I am proposing that I will earn an average of $100/day over 250 trading days.
By the way, many small losses add up to one big loss. Cutting your losses short is not assured to be a viable a strategy. If you're on the right side of a longer term trend, why not simply hang on to that trade, and start fresh scalping with another trade? My only issue here is time. I can't sit here for hours looking for opportunities, so I grab a few as I can.
Don't target intraday timeframes, trade on daily or weekly timeframes and just do it when you get home after work.
I appreciate that the 1% is a proposed average - but surely you need to give your method a decent chance by implementing it as often as possible.
Also, I'm not sure I see the same long term trend as you: