mission wallstreet

wallstreetking said:
Trade 13
usdcad
buy:10345
sl:10338
tp:10415
Click to expand...

I think you brought this too early, just now its at 1.03085 and on a 61.8 fib retracement.. the overall trend is up, but am I right that you sl are like 6 or 7 pips? I had much more success lowering my trade vol and giving my entries room to move, if I was to buy this now I'd go for a 80 pip stop maybe 100 with a target just below 1.0400 psycho number at about 80 pips... But hey in trading the only way of life and that's your own :) and I know you are looking for a 20:80 win lose ratio.

Great journal btw :thumbs:

pips and respect to you :)
 
kaya75 said:
I think you brought this too early, just now its at 1.03085 and on a 61.8 fib retracement.. the overall trend is up, but am I right that you sl are like 6 or 7 pips? I had much more success lowering my trade vol and giving my entries room to move, if I was to buy this now I'd go for a 80 pip stop maybe 100 with a target just below 1.0400 psycho number at about 80 pips... But hey in trading the only way of life and that's your own :) and I know you are looking for a 20:80 win lose ratio.

Great journal btw :thumbs:

pips and respect to you :)
Click to expand...

Thanks for the feedback buddy.

My personality is more suited towards home run style trading where R:R is always greater then 5. I think i am just going through a bad streak and eventually things will turn round. I dont need a high strike rate. If i get 2 wins now then I will nicely be in profit. Key is to manage risk and I am only risking 1% a trade.

I see you have started a jornal as well so will be checking it out. :)
Feel free to keep posting.

Cheers
 
have been away due to bank hoilday and am back now.

trade updates: closed out the winning trades earlie ron friday evening. Will be closing all positions towards end of trading day on fridays unless its a long term position.

trade 12: stopped out
trade 13: stopped out
trade 14: stopped out
trade 15: taken profit at 10084 makint it a 6 to 1 R:R trade
trade 16 :stopped out
trade 17 :stopped out
trade 18 : taken profit at 9710 making it a 5 to 1 R:R trade
trade 19: stoppped out
trade 20: stopped out
trade 21: stopped out
trade 22: stopped out
trade 23: stopped out
 
so overall results to date. have been risking 1 % per trade.

so I have placed a total of 23 trades giving me
2 winners : 11%
1 Break even: 0%
20 losers: 20%

so my account is currently around 9% down.

Not impressive at all. Have decided to reduce the number of trades and will be only looking out for very high probability set ups with confluence.
 
Nice trades on 15 and 18, it sucks when friday comes on running profits, but still nice takes :)
Peace and pips
 
Not bad numbers really if you are searching for only a 20% win rate, but like you say looking for strong entries will hopefully give you the converted edge we all search for. Nice journal btw, happy pips on your journey.
 
kaya75 said:
Not bad numbers really if you are searching for only a 20% win rate, but like you say looking for strong entries will hopefully give you the converted edge we all search for. Nice journal btw, happy pips on your journey.
Click to expand...

Hello Kaya,

I have reduced R:R to around 4:1 now so 30% would be good. Bearing in mind I am not taking every setup but only those that are high prob means I should be able to get 30%
 
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