test-2-CLOSED Discussion

good day.

daily lot increased to 0.43 as per plan

in general I exit around 2-3 pip loss. 5.5 pip SL is emergency. but yesterday price has moved very fast against and could exit at 6.2 pip. the issue is with ecn broker SL has to be setted after order execution. and I use standat MT4 features. as I opened the trade price has moved against and SL has setted > 6.0 pip. it was so fast and had no time to fix. those are the facts of Fx market.

currently all green but no momentum. will wait for some momentum and patterns. without momentum, price can easly wave to my exit level even if it will not move that direction any further. but this is eanough for me to exit in loss.
the reaction of buyers and sellers are weak. prcie is waving.

still having difficulties determining long trades. patterns are forming very fast. this also another fact of FX market. longs always form faster then the shorts. should focus on that.

I do not trade the 2nd wave of the 2nd or 3rd. only the 1st one. will also focus the 2nd of 2nd or 3rd.

will trade the 2nd waves with comment 't'. this may give a chance to analayze.

also changed SL from 5.5 to 5.0

MM plan.
with all my experience the best MM plan is as follows.

reasons
- first we must accept that the trader/system/robot is profitable at overall.
- any trader/system/robot will fail at some point. loosing steak will happen.
- lossers loss always damage more then winners profit due to costs.
- regarding to above info, increasing lot size will definetly damage account in time.

plan
- 1st period weekly.
- 2st period monthly.
- every week strating balance will be the same.
      a - if last week was in loss initial deposit will be round up with adding new fund to same level.
      b - if last week was in profit profit, profit will be withdrawal from account.
- lot size will be chaged monthly regarding to the last 4 weeks account profit/loss
     a - if last month was in loss no funding. lot size will be reduced.
     b - if last month was in profit profit, profit has already been withdrawal. Lot size will remain same.

this cycle will be repeated every week and month.


 

lets go back to trading.

market getting momentum with getting closer to EU open

got one loss with 6 pips

early entry.

day started with loss!

made grat mistakes.

price has played some mind games over me in 3 min. and had 4 loosers in a row.

ironicly when I enter a wrong trade I do not exit. so double the mistakes and double the loss.

also flags were mixed. should not take the last 4 trades. but I did not noticed that due I had locked on the loosing one.

I can call this as 'stuck in moron mode'

had some time to fix if I can.

loosing stake hit!

I may add a sound alert to flags to wake me up!

with first loss of the day. it was a wrong entry.
and has 3 chances on exit with 1-2 pip loss. but did not.

should fix that mental issue

the long ones were totally mistake. there were no pattern. was just thinking that it will break out. had that problem before. should also fix that too.

reminder to myself

   stevewalker posted:
   imortant tip for traders including me

never sell at support
never buy at resistance
never trade after brake.

make your desecion and execute before those levels.

got another winner long after short.

main issue is the early exit. when that fixed ( if I can ) most of the issues will be fixed automaticly.

missed one long while posting. not a big issue