Lost 2500, made 3100. 3 trades.
Got caught by a ranging market for the loss of 2500. I then checked to see if support or resistance was broken, it wasn't. So I traded opposite to the trend, and made 2000 in one trade when it hit the resistance, traded opposite again knowing that if RSI 70 was hit again, I'd take loss and go with the trend. But my guess was that we're still in a trending market since yesterday saw some pretty big moves. Made 1000 on that 3rd trade and decided 500 profit today was enough. I'll just wait for the next signal, check if support or resistance was broken, and go accordingly. Still gotta make up for that big loss yesterday! Haha...
Yours,
X
Wednesday, August 16, 2017
16 Aug 2017
Lost 4800, made 1800.
Finally. Got caught in a ranging market. So had 4 losing trades before the big move came. While I managed to catch it, I was greedy. Profit was at 3800 but I shifted my stop up to a 1800 take profit, and tried to wait for it to run till I covered all my losses. Ended up getting stop hunted, and missed out on an even larger run.
This means that a) I should identify ranging markets better and b) take profit at about 20 pips.
Yours,
X
Finally. Got caught in a ranging market. So had 4 losing trades before the big move came. While I managed to catch it, I was greedy. Profit was at 3800 but I shifted my stop up to a 1800 take profit, and tried to wait for it to run till I covered all my losses. Ended up getting stop hunted, and missed out on an even larger run.
This means that a) I should identify ranging markets better and b) take profit at about 20 pips.
Yours,
X
Monday, August 14, 2017
15 Aug 2017
Lost 255, made 1600. 4 trades. And the loss was because I deviated from the strategy. At RSI 30, I checked the trend and it looked like it was ranging. So I called it, but it shot back to another RSI 30, so I closed it out and sold, made 10 pips for an overall profit of about 1300 today. Target met, don't be (too) greedy.
Yours,
X
Yours,
X
Sunday, August 13, 2017
New Strategy - Take those losses!
Been trading about a week using my latest strategy on a demo account. Results have been promising. With an initial capital of 23k:
10 Aug - lost 700, made 3100
11 Aug - made 500
14 Aug - lost 1400, made 3100
Early days yet I know but still, really promising. And with fewer than 10 trades a day.
Key assumptions:
Trend is your friend. I stopped using EMA6 as my trend indicator. I now use RSI-1min. And when it's RSI-1 30, I go short. Logic being that when RSI-1 hits 30, RSI-5 should hit 30 too, and so on and so forth.
This also allows me to trade without stops which is awesome cos I reduce the risk of fakeouts. I simply close my position when the rsi-1 hits 70/30 and take the losses, but enter an immediate trade in the new direction.
This is why I make the big losses. I then let it run if RSI-1 continues in the trending direction. I take profit when my daily target is met (500-1000 profit).
The biggest risk is that I could simply be taking loss after loss in a trending market. This is something I've been trying to counter. The current rudimentary method is if it bounces between rsi-1 30 and 70 twice, I wait out for a double run in one direction before entering the trade, using that as an indicator that support/resistance levels have broken.
If this works out over the next year, I think we might be in serious business!
Yours,
X
10 Aug - lost 700, made 3100
11 Aug - made 500
14 Aug - lost 1400, made 3100
Early days yet I know but still, really promising. And with fewer than 10 trades a day.
Key assumptions:
Trend is your friend. I stopped using EMA6 as my trend indicator. I now use RSI-1min. And when it's RSI-1 30, I go short. Logic being that when RSI-1 hits 30, RSI-5 should hit 30 too, and so on and so forth.
This also allows me to trade without stops which is awesome cos I reduce the risk of fakeouts. I simply close my position when the rsi-1 hits 70/30 and take the losses, but enter an immediate trade in the new direction.
This is why I make the big losses. I then let it run if RSI-1 continues in the trending direction. I take profit when my daily target is met (500-1000 profit).
The biggest risk is that I could simply be taking loss after loss in a trending market. This is something I've been trying to counter. The current rudimentary method is if it bounces between rsi-1 30 and 70 twice, I wait out for a double run in one direction before entering the trade, using that as an indicator that support/resistance levels have broken.
If this works out over the next year, I think we might be in serious business!
Yours,
X
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