DislikedAgain, nice one quincy, i need to hear this sort of thing from you guys. Its not a good place to be right after a MASSIVE loss. Cheers.
By the way, me and my workmate, also an aspiring trader, are writing out full trading plans and rules tonight... should have been done properly a long time ago.Ignored
It is easy to say rules, disciplines.................
Try this. Get two or 3 separate PCs. Have only. Certain pairs on each PC no repitition. Once you have a trade on a certain pair, switch that PC off. Don't try to hatch it. Don't look at it. Put your target and stops.
I have now EA's made to my desired exit strategy - including an antihedge EA to go along with. Once my entry is done with manual, I drag the EA on that chart. If you stay on the pair and watch you second thought on the rules and exit and give a chance to wrong habits to come in to kill your rules. It must turn now...It will turn now.....you add. You don't want to lose that money... you wait.....and finally the loss get too dangerous - you exit. Damn !!! all I won is given back !!!!!!
Am I partially right ??????
Learn to walk away from PC or shut that pair out and go on trading other non or less related pairs.
When I catch a trade that have the Weekly-Daily-H4 trend in agreement on my lower TF chart , M5,M15 - I don't put any stops. But I calculate my MM to expect a 500 pips drawdown. I do add at every 200 to 250 pip down, done by EA. It is all within my MM. I will look if I see extreem on the DOW to make early exit if necessary.