sqa said:
More seriously, I'm pretty circumspect about the work difference, it's why it'll be a slow process. I only have plans for 5 total Pairs, and one of those isn't even on my radar until Spring next year. I've been very methodical about my approach into Forex, and, so far, it's worked out well. No amount of pre-planning can prepare you for execution/psychology/timing issues that simply go along with the work. And that's before you even trust your analysis.
So, it's just a matter of working through it at a steady rate. Though the USD-JPY has been a blessing in disguise. Learned a whole lot in a very short period of time taking profitable trades on it.
any plan is better than no plan, as we know... (stick with your plan)
ICT said he used to have trouble with taking profits or not taking them.
Myself to many times i have been in profit with Cable & Fiber and thought, im going to leave this and watch it run to the moon! which ever side of the planet it was on at the time.
So then i would watch it come back and take me out plenty of times, making nothing!
I have decided to treat fiber & cable as the scalp pair only for me, take the pips and run,
doing this has enabled me to watch other pairs on a longer term trade basis, not having to worry about weather i should take some off and let the rest run on fiber and cable.
I like trading fiber and cable with the tight spreads... most of the time i can execute a trade within pips, but not all the time
because of the losses, the trades i attempt to let run, don't pay me back!
If i know ICT any bit at all, i would say he had to come up with that 20 20 20 20 etc idea to eliminate that very problem. with myself, i like to cut problems off at the neck and come up with another solution, hence taking full profits from a selected pair & letting profits run on others!
While writing this, i am 25 pips in profit on Cable, but the shit thing is, i can see an elliottwave pattern/first fib extension that suggest it will run to 1.63, but if i dont take the profit now! i have just broken my personal rule! and its going higher again Lol, Fu***
So what is my solution now? let it run or take another action, i just lifted the stop to 15 pips profit, that is plenty inside of Asia
Just to ad to this conversation, i missed a bloody good entry on AUDCHF today, so i went long anyway though with very minimal risk as it took off already! i wasnt happy about it, but what do you do, the higher time frame suggested a bounce coming, so what happens on the Asia open? it bounces, the lower time frame was screaming buy me! but was i there? nup. i like to stay active during the day and not sit down to much, this is the disadvantage of trading sometimes, you kind of have to be there, but if you are not there, tough tittys