Blackroses
Newbie
- Dec 20, 2013
- 6
- 4
I know it looks stupid and I also think it won’t even last 1 week but let’s see. I have did this in past and grew to $450 but then blown. Through documenting here and with accountability I think it might be possible.
View attachment 438558
I have been trading for more than 3 years (not profitable till now). Started with crypto in 1st year then went into forex. Now only trading GOLD from maybe past 9 months. Anyways.
I’ll list down all my biggest trading mistakes and divide it into 3 aspects. Strategy, Risk Management and Psychology.
Strategy mistakes/goals
1. I always try to take trade against the trend, which most of the time cause loss, so from now I’ll stick with the trend.
2. I’ll align my trades with fundamental direction, I’ll read if from news websites and chatgpt.
3. I’ll only take trade after 15m confirmation, not before that for bigger risk-reward ratio.
4. I’ll only take high quality setups and won’t waste my money on mediocre setups.
5. I won’t force bias based on ego or what. I’ll reset and do what market is telling and not what I think might happen.
Risk Management mistakes/goals
1. I take discount entries as price goes against me which means allowing yourself for more profit but also more loss so I’ll manage it effectively.
2. Sometimes I also add trades when price goes into my favor, in that case I’ll not stick to original stoploss, I’ll decrease it.
3. I’ll keep my losses short, If price already showing me signs of rejections I’ll close the trade and not wait for full sl. I prioritize my money over the ego of win or loss.
Psychology mistakes/goals
1. I easily get into revenge trading / overtrading which eats all my profits away so for that I’ll take max 3 trades a day, no more than it.
2. I’ll journal all my trades in my trading journal (excel) to keep track.
You guys can ask any questions you have. I’ll start it from this Monday and will update it here everyday.
View attachment 438558
I have been trading for more than 3 years (not profitable till now). Started with crypto in 1st year then went into forex. Now only trading GOLD from maybe past 9 months. Anyways.
I’ll list down all my biggest trading mistakes and divide it into 3 aspects. Strategy, Risk Management and Psychology.
Strategy mistakes/goals
1. I always try to take trade against the trend, which most of the time cause loss, so from now I’ll stick with the trend.
2. I’ll align my trades with fundamental direction, I’ll read if from news websites and chatgpt.
3. I’ll only take trade after 15m confirmation, not before that for bigger risk-reward ratio.
4. I’ll only take high quality setups and won’t waste my money on mediocre setups.
5. I won’t force bias based on ego or what. I’ll reset and do what market is telling and not what I think might happen.
Risk Management mistakes/goals
1. I take discount entries as price goes against me which means allowing yourself for more profit but also more loss so I’ll manage it effectively.
2. Sometimes I also add trades when price goes into my favor, in that case I’ll not stick to original stoploss, I’ll decrease it.
3. I’ll keep my losses short, If price already showing me signs of rejections I’ll close the trade and not wait for full sl. I prioritize my money over the ego of win or loss.
Psychology mistakes/goals
1. I easily get into revenge trading / overtrading which eats all my profits away so for that I’ll take max 3 trades a day, no more than it.
2. I’ll journal all my trades in my trading journal (excel) to keep track.
You guys can ask any questions you have. I’ll start it from this Monday and will update it here everyday.
