4xtraderCY
Thanks for the appreciation kind words. Yes all the recent losses since October are recovered because I am also holding couple more trades on long euro vs USD the YEN - thanks to BoJ the double top that was forming on EURJPY (240 min chart) was cleared now I think in the end I may talk about nice profit to come in the end of these hard time 2 months after all.
Money management nerves is what is needed. Losses are always here for us sometimes it is only one-2 trades sometimes it may be more. that is the way it works...
btw I was asked today about why am I
changing my strategy to shorter term I would like it to be clear: there is no change in strategy. It would take more than just 1-2 months of bad trading to think there is something wrong in my trading strategy
market understing.
I was working on this issue of taking advantage of breakeven trades I have for long time now have posted here couple times in the past as well; The approach I finally adopted is not something I have just set up. This is something I was testing working on for several months now bcos changing coming up with other intraday strategy to combine with my longer term trading didn't work.
So finally I said: ok I can find no other intraday system so why not use same entries with optimal risk reward?... 30:50 are not just numbers but something that should be profitable according to my calculations with my trading history give advantage of trades that do go in my direction 30 40 or 100 pips but are stopped out same day or day after with breakeven result. This addition can be very good because I have about 40% of breakeven trades ie trades that go in my direction for more than 30 pips but get stopped out soon for zero...
This strategy was tested is pretty good but is not applied to managed accounts yet. I give my clients summary every day on clients page on what trades could be applied what would be the result in order them to follow to the end of this month if all agree I will apply it to managed accounts as well.
Improving adjusting to changing market conditions is what trader should do all the time. That is why I periodically work with my trading stats in order to feel the pulse...
cheers
rezo