Daytrading Currencies

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Here is the same set up with two profitable trades and one losing trade within last two hours , a total of 3 profitable trades and one loser of 8 pips.
 

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Quote from Instant Karma:

TRS and Masterchanger,
Please realize that the sizes shown in the blotter are TOTALS.. 1.6M EUR is the result of multiple trades..
Sometimes when i trade a setup, it's not 1 setup = 1 trade...it's 1 setup = 1 or multiple trades until the whole process shows a profit.. size varies according the P&L, the deeper into the red the greater the size...
Also I'm a practitioner of the "Quit while you're ahead" philosophy...
The 2 combined contribute to series of winning days interrupted by the occasional large losing day.
On April 02, i had a 7% loss (for the day), that's an "out of control loss", something i absolutely cannot afford...and I'm trying very hard to avoid.
Yesterday was a 1.12% loss..in my book it's a controlled loss..nothing special ..
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Fair enough.

You're martingaling. Risk/Reward is skewed.

Look out for black swan....


If your system/ money management is working, full power to you.
 
Quote from oilfxpro:

Read this and see what you think.

Stop 8 pips target 8 pips .

Scalping in the direction of 15 min trend line and hourly.4 hourly and daily context

Timing is the most important tool.


Preferred set ups: Use the following set up on 1 and 15 min for intraday trading. Look for a full reversal, as opposed to a retracement to trend line.
http://www.winnersedgetrading.com/forex-trading-finding-reversals/
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Thanks, I don't trade Break-outs of S/R or trend lines..way too naive for my taste..people say: Trade what you see...no way ! price action is full of tricks and deception..


Thanks for your chart, i added my own view..


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I am enjoying reading this journal.

Question: Why are your losses larger than your winners? I'm not criticizing, just wondering. It seems like you have a bunch of +$50-150 days and then a -$300 day. Are you averaging down? Is your stop loss further away than your target profit? What happens if you have a few big losing days in a row?
 
Quote from Instant Karma:

Thanks, I don't trade Break-outs of S/R or trend lines..way too naive for my taste..people say: Trade what you see...no way ! price action is full of tricks and deception..


Thanks for your chart, i added my own view..


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A is not the place to go long , the price is in a down trend and the A move is only a retracement to the trend line where smart traders are selling .It is a resistance that has not been broken.If price remains above the bars of entry of A , for 15 minutes or longer , then go long ......the resistance will now become your support.

Your scalp in the B and C area is bottom fishing , and you are using previous support and trading against the winners , the bulls can slaughter you by pushing prices lower and lower, hence increasing position sizes.

In my style we trade with the current support and victors , you are trading against us and buying where supply is greater than demand.
 
I was all over the place today, awful trading..throwing trades at the market....careless moron.. and as it turned out i got away with crime...ending up positive...
Greed, man...GREED IS THE BOSS OF ME.

(I got re-acquainted with the Kospi 200 this morning, i traded this instrument last year for a couple weeks.. I like the way it moves and all but it's way too expensive (1 lot = $25 per tick) for my small account..)

+150.20 USD


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Quote from 1a2b3cppp:

I am enjoying reading this journal.

Question: Why are your losses larger than your winners? I'm not criticizing, just wondering. It seems like you have a bunch of +$50-150 days and then a -$300 day. Are you averaging down? Is your stop loss further away than your target profit? What happens if you have a few big losing days in a row?
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I don't avg down on all trades but with my core strategy , i do..
In a nutshell, after i get a buy signal i place an imaginary box that defines an area below the buy signal price and i " buy in this area". i will either add once to my position or stop then re-enter or both... Rinse and repeat depending on how "fussy" price action is...until the whole process shows a profit. The whole process taking place within the limits of this imaginary box/ buy area.. If price exits the buy area going south i go flat and lick my wounds...and look for another long entry...short signal is the same just upside down...
The risk is larger than the reward.. but the risk/reward ratio doesn't tell the whole story, the winning rate should be included in the equation.
 
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