Saturday, January 22, 2011

Realized mY Mistakes (AGAIN!!)


I took my chart on GBP, backtesting and learnt it, I realized that there's thousands of easy pips from the chart. Rarely found three failure setup in a row without >10 ticks profit between. It's quite easy for gaining 10 ticks for the day and quit trading. Of course there's some failure, maybe 2 or 3 consequtive losses. But if you can afford 10 losses in a row, it's good. Of course I din't find 10 losses in a row. Not yet.

The chart was just random, not picking the good one. In fact, it's one of the bad one.

The reason I kept failing and failing because overtrading and to buck profit fast. Also I want to chased my losses, the reason I overtrade is to cover the losses and end the day with green. I always stopped trading if I booked >$300 profit of the day. IN fact, I kept trading if my losses already $1000.

So, how to conquer this pitfall?
My strategy is get back to scalping method and stopped trading after gain daily profit. If I was down 30 ticks, I will keep trading with 30 ticks objective max per trade. That way I can still playing take and give and reduced my losses. No more big profits hope and hopefully no big drawdown day. I alaways want a green day every day. That way I feel great, confidence, but also make me complacent.

3 comments:

  1. 53 people already there
    http://screencast.com/t/qkqc9Edk6WA

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  2. Hi Cory, sorry I missed the party,

    Busy with new MTPredictor software :)

    ReplyDelete
  3. no worry stop by if you get bored, room opens when market opens.

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