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First of all, thank you for keeping a detailed journal like this.
It's great to read how your are thinking and it's very inspirational.
I have a couple of questions, if you don't mind
You mentioned that trading a small account is more difficult than trading a larger account.
Can you elaborate on why that is exactly?
Is it because you use larger stops, have a higher daily loss limit, or is it only the scaling that makes it easier?
If so, can you explain your scaling method on your larger account?
Are you scaling in&out, all-in and scale out, ...
these messages keep me going as it is kind of time consuming to write everything down in a very detailed manner. But I think, I found a good approach and will keep it up for the next 3-4 weeks. Then I'm on vacation but I'll see the feedback on fio and then reassess and might just keep it going for much longer.
I think the emotional part is harder for me as I have a tight risk limit and being down 300-700 is sometimes normal for me and then I'll just need a couple more trades to make it back which is of course easier when you have a 5-6lot trade on. For example on a 50k account you could give yourself 1k risk limit or even 1.5k, hence trading multiple lots let's say 3 lots at a time (with 8T stop - give you 6 trades in total if all were losers, to hit 6 losing trades consecutive is rare for me), then you could easily scale out. Like since starting this journal every session I had trades which were like 5-7T profit and then I might just book a BE trade, this gets annoying and does affect your emotional state. Now with 3 lots, you could already take 1 lot off at +5 and another +6 or more and keep a runner at BE entry or with a trailing stop. So the scaling out part is the most important I find. Also my last trade today, where I finally got it right with a long after confirmation with the double bottom.
I would normally not scale in as it sometimes just adds into a losing trade. Best to go all in with your position size, see how it goes and scale out or get stopped out. Hope that makes sense?
How's your trading going? Haven't checked your journal yet but will in a minute.
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here is my morning preparation. Check it out and let me know if you like it. 10min till EIA but we just had some movement and I wonder if the info has already been leaked?! who knows but be careful and respect your stops while trading …
just did my daily morning prep routine and thought I'll share as well. I thought of a better presentation and just attach a pdf, which I find easier to read. good luck on the session all!
Do I need to go furhter ?
And yes, yes I like very much what @mastadee is doing. Support / Resistance is my main trading idea, it works.
Aaaah, now I see what you meant by "I'm not FIO police but what does that mean?", thanks for clarifying - I think I know the answer but I'll let Mastadee reply