jsteyn4801 wrote:My first post
Worked through the whole thread the last two days (could not sleep = gripping stuff) - internet slow = took ages. It paid off.
TRO it took me a long time to SEE IT.
I took two trades today on EURJPY. Will only focus on this currency. Spread/ commission manageable with scalping. Up 80 pips using H1 Candle Colour with Sweet Spots Gold.
Determine D1 = Down
Wait for H1 Green Candle to close (Candle against D1 trend)
Sell Stop at next Sweet Spots Gold level.
Stop Loss - 25 pips
TP - 50 pips
My brain needs to see a Reward/ Risk ration > at least 1.5.
I know I'm going to have loosers where I could have taken 10-15 pips but that is my Money Management.
Did historical eye test (not backtesting) and have a greater than 50% hit rate
If you have a reward ratio of about 50% sooner or later it will kill your account. You need to take sometimes the 10 pip or less. Don't forget you will never act the same while you lose 5 times in a row. Your head will spin around and you start thinking and that is what you can miss, DON'T THINK. Trade what you SEE (I love TRO's one liners )