The purpose is to be realistic. E.g. some trades that are open will give an overall of X amount of drawdown so the next trade with exactly the same lot size will initiate a spread which will decrease the amount of our equiity and a possible drawdown which it will decrease it further, so what a trader should do in these realistic circumstances??? Stick to the plan! Cumulatively, with the passing of days, some will end up in wins increasign the equity while others will end to losses which will decrease. Subsequently, risk management and correct exit points are key significant factors for trading success. We just do not want for trades to create an open loss of more than 5% daily and 10% in consecutive days, while at the same time we are chasing as much as we can according to our skills, mood, news, perception, normal job, free time, initial investemetn etc etc etc
Food for thought...
P.S. Every trade has been taken with 1 lot size - except one or two which have been executed as twin trading with half and half.
Food for thought...
P.S. Every trade has been taken with 1 lot size - except one or two which have been executed as twin trading with half and half.
Comment:
drive.google.com/dri...yS6IHY_qNcV_H1ETgmrk
Comment:
Guys I have received many messages to provide the original excel file instead of pdf.
I am going to release it soon after some modifications.
I am trying to build a trading journal including as much info as possible.
The most important reason traders loose is the exit points. Put aside news, Support and Resistance, Technical analysis in general. If I talk to you one to one and examine the entry points, all of you will be correct. But when it comes to exit points, your Sls are too predictable and too tight.
So tight that your trades cannot breath.
I met a trader at google meets to discuss over the trading journal and she constantly why I do insist on using wider stop loss points.
Brokers, they watch your SL and they may hit it with abnormal volatility.
Banks will chase to eat your money.
You should never think of beating the market. It is impossible!
You should care to embrace the possibilities and losses. Possibility can be considered the subjectivity of a SL threshold. Other traders do some 1:30 R:R:R and they hardly ever win, while other use 0.5 ratio and they win 80% of their trades.
Do the hard work. Study the charts, the psychology of markets.
And if you have questions feel free to contact. It is free. I am not bank.
I am trying to help other traders to eat. There is no competition on this industry,
just a win-win mindset.
I am going to release it soon after some modifications.
I am trying to build a trading journal including as much info as possible.
The most important reason traders loose is the exit points. Put aside news, Support and Resistance, Technical analysis in general. If I talk to you one to one and examine the entry points, all of you will be correct. But when it comes to exit points, your Sls are too predictable and too tight.
So tight that your trades cannot breath.
I met a trader at google meets to discuss over the trading journal and she constantly why I do insist on using wider stop loss points.
Brokers, they watch your SL and they may hit it with abnormal volatility.
Banks will chase to eat your money.
You should never think of beating the market. It is impossible!
You should care to embrace the possibilities and losses. Possibility can be considered the subjectivity of a SL threshold. Other traders do some 1:30 R:R:R and they hardly ever win, while other use 0.5 ratio and they win 80% of their trades.
Do the hard work. Study the charts, the psychology of markets.
And if you have questions feel free to contact. It is free. I am not bank.
I am trying to help other traders to eat. There is no competition on this industry,
just a win-win mindset.