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1. it's utmost important to determine market's likely behavior early on, trending? ranging?
2. if the market is likely to trend, then it's much better to employ an all-in-all-out strategy with no fixed RR exit.
3. if the market is likely to range, then it's still better to use all-in-all-out, with a fixed RR exit.
I did very bad last night, hit my daily maximum drawdown earlier on so wasn't able to trade the nice downtrend afterwards. will make some adjustments next week, aimed at better emotional control and reducing the number of trades I take. here are the stats for friday's trading session.
11 Consecutive losers ? Almost makes you think if you want to be counter impulsive. Do you think and stop after 2 or 3 consecutive losers ? There is a valuable lesson for anyone-I think for me personally this was a big improvement and change in trading. You become kind of numb and drunk when you have this many losers unless you stop the spiral down fast enough and break the cycle anyway you can.
yeah, I know, it's embarrassing, though it's not really 11 losers in a row. I made 7 trades altogether and then stopped myself after going over my loss limit a bit.
I've since then went over this trading session 3 times already, and realised that if I had behaved rationally I'd have avoided some losing trades and kept the unavoidable losers small and thus survived long enough to take advantage of the nice downtrend later on. I took courage in this and once again eager to face new trading sessions next week.
Dont be embarrassed we all have been there one time or another. Key is to keep a check. For me personally I HAVE to trade with stops as I dont trust myself with mental stops. I can ove the stop around by a tic or two but no more. That above is the key. Another rule that helps is after X number of losers you take a break.