Becoming competent at forex trading

[peter2]

I've been wondering about your progress Kryzz. Thanks for the update.
I'll review them over the week-end but I'm pleased your feeling better about this latest batch.

Hmm... no +2R wins?

 

[peter2]

Kryzz: I had a look through most of your trades as I had an hour before the US open. Naturally it took much longer than expected, but you're worth it, right?

General Comments:
Size of your iSLs are too large. You're attempting to be right rather than create a good RR.

Your trading off good levels but you must be mindful of the larger trend. Price is unlikely to move too far when you're trading against the larget trend. I accept smaller wins (+1 to +1.5R). Trades 3, 8 are good examples. We can anticipate larger wins when we go with the trend (+2 to +3R).

Specific comments:
Trade 5: There was an opportunity to get +2R with an 80% iSL size.
Trade 6: Same move in the CAD, opportunity for +2R with your strategy, not taken! Result only +1.24R

Trade 7: What happened here? You saw the pinbar reversal . . . A perfect follow through move for another +2R. You only got +0.43? [Am I correct here?]

Trade 8: iSL placed too far away from signal bar (127pips). Prior high was only 115p away. No chance for reasonable win unless you could stay in trade, which you couldn't with your TS strategy.
Your normal iSL was 83p and with my suggested mod'n (80%) only 66p. The trade went +115p in your favour.

Trade 9: iSL is huge (196pips ???) If you aren't willing to accept the normal risk then find another setup.
[Did I miss something here as well?]

EURCHF, USDSGD ditch these pairs. Too volatile for your setups. (IMO)

NZDUSD: Huge moves in the last 6 weeks. You didn't notice any setups during this time?

Suggestions:
1. You've got to trust your instincts. You can identify setups that produce good moves, but you've also got to be able to create a reliable/consistent profits from them. You've got to learn how to create acceptable RR opportunities.

2. I like you to consider my earlier suggestions from your 1st batch.

3. No need to reply to anything specific. All I need to see is your intentions for the next batch.

 

[Kryzz]

Hi Peter,

Thank you for taking the time to run through my trades to date, most appreciated. A part of my review process in the last few weeks has been to go through all trades to date, mark entry and exit points and annotate charts accordingly.

I have uploaded these here in a zip file with each chart name corresponding to the trade number in the spreadsheet. This might help others too learn from mistakes I've made so far too based on live trades

I agree, the first 20-25 trades here in this sample definitely weren't the best and the use of extremely wide stops has cost me. Reluctance to tighten up stops and pull the trigger are areas I need to work on. Stop management seems to be an issue also.

Below is my EURUSD short (#35), reviewing this trade I cannot see any technical point as to why I moved my stop where I did missed out on profits accordingly:



Some brief comments on the NZDUSD trade too.

I entered long on the 10/03/17 but had my initial stop based on the pivot low where I have annotated on the chart, another example of my stop being too wide. If I had this right at the low of the bar where I had entered, this trade would have been coming close to a 2R win.