I believe that I can only post here because I just became a commercial member, which is the best for me to only focus on trading and use this thread for my trading journal. It is read only thread because I set the highest vouch hurdle for posting here.
I believe FF's Trade Explorers is the greatest tool for me to analyze my trades for improvement.
I am adding Notes to my trade list at http://www.forexfactory.com/4xma#24-list
I have been working on tight SL trading system since 2007 and narrow my SL from 50 pips to 7 pips or less.
I believe the most advantage is the I can earn my loss back easily because I only need 7 pips winner to get one loss back or 14 pips winner to earn twice of my loss on a 7 pips Stopped out.
The other advantage is the I can find another trading opportunity when the market tells me I am wrong by stopping me out, instead of holding a wrong position and missing other trading opportunities.
However, there are many disadvantages trading with tight SLs such as
1. I can be right with the market direction but still lose money because I take the position in the wrong time.
2. It's very easy to take many positions and lead to big losses.
With the advantages and disadvantages are both so strong, one must be very skillful and discipline to trade tight SL system. That is why I need to analyze my trades for constant improvement on both trading skills and discipline.
I am writing notes on my trade list at http://www.forexfactory.com/4xma#24-list and post my reviews on my trading here as my trading journal. I hope we, both me and my viewers, can trade better every day.
Thank you for reading and happy trading.
I believe FF's Trade Explorers is the greatest tool for me to analyze my trades for improvement.
I am adding Notes to my trade list at http://www.forexfactory.com/4xma#24-list
I have been working on tight SL trading system since 2007 and narrow my SL from 50 pips to 7 pips or less.
I believe the most advantage is the I can earn my loss back easily because I only need 7 pips winner to get one loss back or 14 pips winner to earn twice of my loss on a 7 pips Stopped out.
The other advantage is the I can find another trading opportunity when the market tells me I am wrong by stopping me out, instead of holding a wrong position and missing other trading opportunities.
However, there are many disadvantages trading with tight SLs such as
1. I can be right with the market direction but still lose money because I take the position in the wrong time.
2. It's very easy to take many positions and lead to big losses.
With the advantages and disadvantages are both so strong, one must be very skillful and discipline to trade tight SL system. That is why I need to analyze my trades for constant improvement on both trading skills and discipline.
I am writing notes on my trade list at http://www.forexfactory.com/4xma#24-list and post my reviews on my trading here as my trading journal. I hope we, both me and my viewers, can trade better every day.
Thank you for reading and happy trading.