This weekend I reviewed my setup and found an obvious surprise.
I haven't set rules for trading limit. Here's what I do on next Monday.
1.No Currency for a while. Low risk but pain in the a** waiting the price moved.
2. Only trade TF and CL
3. Limit each of the trade = 5 trades per day at maximum
4. Target for 5/50 for TF/CL per day. Let the market decide
5. $500 max losses per instrument.
If I was disciplined applying this rules, I may get more than $2000 this week. I already didn't feel pain cutting losses, but I still frustrated for having a losing days. This rule will be a next step to become a consistent profitable trader.
:)
Hi, I've been going through your post and have found it to be an interesting read. In a selfish sort of way its a little comforting to see other traders fighting similar demons to myself. I've been trading currencies for a year now and have just started a blog in the hope of getting some idea's on how to increase my success rate and reduce any un-neccessary stop outs. I'll be an avid follower to see how being more selective improves your trading.
ReplyDeleteHi CTT,
ReplyDeleteHope my blog become useful.
I add your blog list too.
Tq for coming :)