3 trades in
account up 10.7%
target: multiple my account 300x
timeframe: 2-3 years
lol,yeah right,congrats.How long have you been trading?Whats your edge?If you do not know what your edge is then you do not have one and you may well be up 10% but you will be wiped out.Good luck and please keep us posted.Mike
I'm starting to realise that Stargunner, I think the problem is more not taking profits early enough! The trouble is when you set narrow stops you start thinking I wish I set it wider then I'd still be in the trade! But after another bad week, I've decided to change my method. Whereas before I was setting 15,20,25 pip stops and aiming for a 60,80,100 pip profit, I'm now going to begin scalping, setting micro stops of 5,10 pips and aiming for a 5,15 or 20 pip profit. There's nothing more annoying than watching your position go into profit 20 pips and then hoping for a larger move towards your target only to be watching the price almost constantly for 7 hours and then to your dismay watch it eventually move back in the opposite direction stopping you out and wiping out your profits or more! By scalping I can be in and out of a trade in less than 30 minutes maybe an hour. It'll be so much more less time consuming and less frustrating as you're not stuck watching the price constantly. Yes I might kick myself for selling too early if it moves another 80 or 100 pips, but let's face it, that's only going to happen once or twice out of every ten trades!
So after another disastrous week, I've wiped out all my profits, and ahem...a bit more...so I've now got less than my starting balance. So all next week, I will try scalping instead.
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