Maybe I'm simply not good enough at scalping. Today I traded inside borders that I decided in advance. Take profit was set at +6 pips. Even though for some trades it did good job it doesn't suit me so much. Reason why I put it in is because I was gunning only for big gains lately and making bunch of stops in between. Maybe whole my trading now isn't so realistic because of extra small size (feels like demo) and trading for entertainment value while having free time between meals and beach.
Every day I sit in optimistic with some changes implemented and result is poor. I must say that today I knew my limits were +- 20 pips (or so depending on last trade) and I don't feel that frustrated now like other days this week. I did in advance put in rules and everything was by the book.
-25 pips
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5 comments:
Hi there,
I would like to thank your for sharing your trading experience. I see myself in you when I read your blog. I took me 8 yrs of loosing before I was profitable. Here are some tips you may want to consider. 1. Don't restrict yourself to a 30sec chart. Try everything from 30 sec to 15 mins. You may find that another timeframe suits u best.
2. DO NOT HAVE A SET TP and SL. Set your TP and SL according to the volatility of the market at the time of your trade. If the market is volatile, you can have a higher TP and will require a bigger SL.
3. Be mindful of the time of day you are trading. Each market session behaves differently. Your kind of trading works well at the end of the US session. You will get killed during the US/Europe session. Asian session is SO-SO for your type of trading.
I really understand how you must feeling, I went through similar thoughts about scalping and trading. Can I ask why you trade on 30 second time frame? Do you not find it very stressful and tiring.
I used to trade on 1 min candles, and my strategy has 3 criteria to meet before I take an entry. Which means I had to make 180 decisions in an hour, even in ideal conditions when money isnt on the line that hard. Have you tried trading your strategy on 1 min candles, it'll half your work load. I just wanted to let you know what worked for me, hopefully you can figure something out with it.
It's a tough spot to be in... on the one hand you want to recognize early a system that isn't working, but on the other you want to not run away from a profitable system because it had a bad day.
Hope you get it figured out!
Thanks for comments guys. I must admit that main problem in latest trading is doing that on vacation when I shouldn't be doing anything. So I'm out of it for now.
@Chaos
Actually I trade using 10sec charts :)
30sec that I show is here just to show all what happened. I use 1min and 10sec. My style is to watch how market is moving and base decisions on that, so I don't make so much decisions but I like to observe the flow.
@Adam
Yeah I always try to tweak things but it's mostly everything what's important is in the head. So it's better not to trade while on vacation, that was probably some ego thing.
Sorry Anonymous your comment blogger marked as spam. Thanks on the tips, it's always nice to see that people at some point actually get profitable :)
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