Morning traders
Just wanted to share these thoughts on the importance of finding trading plans and strategies then sticking to those plans.
In my last idea I discussed the importance of holding trades and not to deviate of track.
That idea was working the H2 chart following the trend with a stop loss on AUDJPY pair and the trade has been running since 24th November.
The script I am running allows me to run numerous strategies to the way I would like to trade. This certainly helps with removing emotions when it comes to trading. Coupled to a built in back tester which reassures on how effective your trading plan could be.
These idea in question here is EURGBP pair trade on the 15M chart with a stop loss and take profit target implemented. Risk to reward is 1:2.5
First thing I want to touch on is even though we are trading on a lower time frame here patience is still key. Along with letting trades run there course to the trading plan that is implemented.
Back test data for the plan implemented on this pair shows 122% gains on initial investment from Feb 1st of this year. Working to a 1:2.5 RR and a 2% capital risk per trade. We have two back to back trades here which produced 135 pips of profit. Despite being on 15M time frame the two trades took two an half days to play out.
If I wasn't sticking to a rigid back tested plan I might have been tempted to close for profit too early or worse still close at the point the trade entered the loss zone. Thus missing out on the eventual outcome which was hitting the take profit target!
Emotions are a massive element for us traders to control. The strategy I am using has helped massively with emotion control for myself.
For more information on the script I am using please message me.
Just wanted to share these thoughts on the importance of finding trading plans and strategies then sticking to those plans.
In my last idea I discussed the importance of holding trades and not to deviate of track.
That idea was working the H2 chart following the trend with a stop loss on AUDJPY pair and the trade has been running since 24th November.
The script I am running allows me to run numerous strategies to the way I would like to trade. This certainly helps with removing emotions when it comes to trading. Coupled to a built in back tester which reassures on how effective your trading plan could be.
These idea in question here is EURGBP pair trade on the 15M chart with a stop loss and take profit target implemented. Risk to reward is 1:2.5
First thing I want to touch on is even though we are trading on a lower time frame here patience is still key. Along with letting trades run there course to the trading plan that is implemented.
Back test data for the plan implemented on this pair shows 122% gains on initial investment from Feb 1st of this year. Working to a 1:2.5 RR and a 2% capital risk per trade. We have two back to back trades here which produced 135 pips of profit. Despite being on 15M time frame the two trades took two an half days to play out.
If I wasn't sticking to a rigid back tested plan I might have been tempted to close for profit too early or worse still close at the point the trade entered the loss zone. Thus missing out on the eventual outcome which was hitting the take profit target!
Emotions are a massive element for us traders to control. The strategy I am using has helped massively with emotion control for myself.
For more information on the script I am using please message me.