Pivot Trade with the Direction of the Trend + Considering Set-ups Past a Given Predetermined

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Pivot Trade with the Direction of the Trend + Considering Set-ups Past a Given Predetermined Trading Level

The market started off in a nice, uptrending climb toward the daily pivot. Naturally, I had expected the pivot point to be the first level in play on this trading day. The market came within a pip, but started reversing, offering about a seven-pip retracement to at least temporarily pause the uptrend that had defined the market’s open.

The 3:35(AM EST) candlestick, however, made quick work of the pivot by blasting through it during a data release. It’s always imperative to be mindful of volatility/momentum in your trading. If a market is moving fast, you probably don’t want to be trading it. In this case, economic data out of Germany caused this early-morning spike, a quick fifteen-pip upmove. In this case, it was “purchasing managers index” (PMI) data that was the root cause. This basically evaluates the economic health of the manufacturing and private sector industries.

Data from the Eurozone as a whole (instead of Germany alone) was released at 4AM EST. This caused a move back down to the pivot in the form of about a ten-pip drop. PMI data is definitely something to keep an eye out on your calendar as it certainly does have the potential to move the market and influence trade set-ups and outcomes.

But this move back down to pivot helped set up my first trade of the day. The 4:05 candle (Eurozone PMI news candle) came to reject pivot. The 4:10 did the same and was bullish overall, closing a couple pips above the pivot. In addition to the overall uptrend for the morning, I expected the pivot level to hold for a call option opportunity.

Consequently, on the 4:15 candle, upon the re-touch of pivot, I entered a call option for a 4:30 expiry. This trade did go up three pips in favor relatively early on, but it fell below pivot and I lost this one by about a pip.

Soon afterwards, price moved back above the pivot level, which was rejected on the 5:30 candle on the way back down. The market made another move down to the pivot on the 6:00 candle. But I decided to pass on this particular opportunity, as market volume seemed to be picking up as it approached that level, simply based on an uptick of speed/activity in the market. Pivot was rejected, but I’ve lost trades in the past due to a failure to account for momentum, so I bypassed this opportunity and it ultimately turned out for the best.

The trade I was able to get into came around the pivot level, but as a put option set-up. Price first rejected pivot on the 6:10, before a close slightly above on the 6:20. This trade didn’t set up ideally, given I prefer a rejection of a predetermined price level. A close above usually invalidates a potential set-up. But I kept watching this one and saw that there was definitely a level of resistance occurring here, only a few tenths of a pip above pivot. An area that is constantly and serially wicked against is usually a good area to consider for trade opportunities. I drew in the level after the red 6:30 candle, at 1.32661.

When the market came up to 1.32661, I entered a put option on the 6:35 candle. This trade spent time both in and out-of-the-money, but eventually brought a small winner, settling right around the pivot level.

The 1.32661 level was reconsidered about an hour-and-a-half later. Price nearly tested it again on the 7:45 candle (tenth of a pip shy), and broke above before wicking back down on the 7:55. I was hoping for a re-touch of 1.32661 for the possibility of entering yet another put option trade at the level. But it simply never set up and I finished with a 1/2 ITM day.

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Pivot Trading Journal

General guidelines
Please be aware that one screenshot is more than thousand words.
I’m posting live calls and trades but this isn’t a signal service. You and only you are responsible for your trades.
Please don’t ask software related questions here. I’ve got special thread for it: MT5 Indicators and EAs
Please no commercial content.
Please do your work and read this thread before asking questions. My focus is to trade and I don’t want wasting a time to answer same questions many times.
As thread starter I can ban anyone who continuously wants to be spoon fed or plain lazy.
Trolls will be removed without warning and hesitation.

I’m doing my own review of Davit’s thread:
Part #1 started from Post 6
Part #2 started from Post 46
Part #3 started from Post 106
Part #4 started from Post 149
Part #5 started from Post 189
Part #6 started from Post 217
Part #7 started from Post 277
Part #8 started from Post 337

Books that are worth to read:
The Secrets To: Emotion Free Trading
“How To Consistently Act In Your Own Best Interest With Your Off-The-Floor Trading!”
Written By Larry Levin
Why visualization techniques works!

TRADING IN THE ZONE
MASTER THE MARKET WITH CONFIDENCE, DISCIPLINE AND A WINNING ATTITUDE
MARK DOUGLAS
THE TRADER’S EDGE: THINKING IN PROBABILITIES

BIRD WATCHING IN LION COUNTRY
FOREX TRADING EXPLAINED
2020 EDITION (Revised, Updated & Expanded)
Dirk du Toit
unbearable lightness of trading

The new psycho-cybernetics: the original science of self-improvement and success that
has changed the lives of 30 million people / by Maxwell Maltz: edited and updated by
Dan S. Kennedy and the Psycho-Cybernetics Foundation, Inc.
Pick someone to thoroughly study for a month
Imagination: The Ignition Key to Your Automatic Success Mechanism

ZERO RESISTANCE LIVING
Presented by THE PSYCHO-CYBERNETICS FOUNDATION, INC.
Lesson 1

  • Post # 2
  • Quote
  • Mar 30, 2020 4:21pm Mar 30, 2020 4:21pm
  • Post # 3
  • Quote
  • Mar 30, 2020 4:45pm Mar 30, 2020 4:45pm

I’m using MT5. So, I’ve developed collection of required indicators for MT5:

Pivot, ADR, DailyOpenLine, MMPrice – Magnified Market Price and Pips.

You can download them freely from my software development thread: MT5 Indicators and EAs

  • Post # 4
  • Quote
  • Mar 30, 2020 4:53pm Mar 30, 2020 4:53pm

I trade these pairs:

Majors: EURUSD, USDJPY, GBPUSD, USDCAD, AUDUSD, NZDUSD,
Euro Crosses: EURGBP, EURCAD, EURAUD
Yen Crosses: CADJPY, AUDJPY, NZDJPY
Other Crosses: AUDCAD, AUDNZD, NZDCAD

So, for clarification:

Majors: EURUSD, USDJPY, GBPUSD, USDCHF, USDCAD, AUDUSD, NZDUSD,
Euro Crosses: EURCHF, EURGBP, EURCAD, EURAUD, EURNZD,
Yen Crosses: EURJPY, GBPJPY, CHFJPY, CADJPY, AUDJPY, NZDJPY
Pound Crosses: GBPCHF, GBPAUD, GBPCAD, GBPNZD,
Other Crosses: AUDCHF, AUDCAD, AUDNZD, CADCHF, NZDCHF, NZDCAD

  • Post # 5
  • Quote
  • Mar 30, 2020 4:59pm Mar 30, 2020 4:59pm
  • Post # 6
  • Quote
  • Mar 30, 2020 5:36pm Mar 30, 2020 5:36pm

Some thoughts related to trading psychology:

What we call mistakes are actually valuable lessons for success. An important part of Psycho-Cybernetics is learning to use mistakes creatively and to remove the negative feelings that mistakes cause. From book Emotion free trading.

Worth posting this image. Image is from book “Psycho-Cybernetics, A New Way to Get More Living Out of Life” by Maxwell Maltz, M.D
Father of self help books but nobody comes close. Since trading is roughly 70-80% psychological it helps working on yourself.

Few thoughts I like to share.AS you probably already aware when things are going well this thread is bustling and when not gets quiet. Its natural $$ attracts however this system is not about 1 week’s profits or even month’s it�s about quarters. This is how I measure my success
.
In short keep your head high and thrust forward few bumps should not derail your goals. It�s a marathon and not a sprint. There will be mistakes made and they are natural since we are dealing with lots of unknowns however when made don’t beat yourself forgive yourself learn from it and move on.

The Secrets To: Emotion Free Trading �How To Consistently Act In Your Own Best Interest With Your Off-The-Floor Trading!� Written By Larry Levin
“One of the biggest reasons people get into losing streaks while trading is because they confuse their losing trades with themselves. In other words, we conclude that because we had a losing trade or a series of losing trades, we are a losing trader.
But the important thing to remember here is we are not our losing trades. Losing trades are part of trading. There isn�t a single trader in the world who doesn�t have losing trades. The only way to avoid them is not to trade in the first place. You cannot be a successful trader until you take mistakes and losing trades for what they really are. They are simply by-products in the trading game and need to be used to gain learning and understanding. But in no way do they define us as a person.
But that is where the big problem comes in. Many people let their losing trades and mistakes define them. If they�re having trouble and have had a series of losing trades, they start to think of themselves as a loser. They continually think of themselves in that way. As we know from before, this kind of thinking will just bring on more of the same.
Forgiving yourself completely is the only way to avoid this trouble. You are not your mistakes and losing trades. You must put the past behind you and go forward. Holding a grudge against yourself only hurts yourself. Forgive yourself, it�s the only way to be successful.

This applies to Nostro question and trading in general. First like to add that there is no loss system period! If anyone is telling you there is one just stay away and don’t waste your time. Worth posting this.
Thinking in terms of probabilities also helps remove the emotional risk of trading. Mark Douglas talks about the 5 Fundamental Truths, they are as follows

1. Anything can happen
2. You don�t need to know what is going to happen next in order to make money
3. There is a random distribution between wins and losses for any given set of variables that define an edge
4. An edge is nothing more than an indication of a higher probability of one thing happening over another
5. Every moment in the market is unique

  • Post # 7
  • Quote
  • Mar 30, 2020 6:19pm Mar 30, 2020 6:19pm

Some thoughts related to Stop Loss:

One way I share on this thread to overcome spikes and DD is to trade smaller lots hence leaving room for adjustment should it be necessary. I think of trading like going to a battle. You always want reserve troops available should it be needed. This is why I can recover from DD in most cases.

When I am in profit I try to maximize by watching price action and get very alert on round numbers, daily open and pivots. This also true when getting in on trade
Currently watch NC so far failed to break RN 92 you must see these things clearly on daily bases
EG may bounce to 8380-90 again and could provide another swing down opportunity.

Guys I have posted over and over that I do take losses. No rational person who aspires to be a professional trader would not address one of the most important aspects in trading. Only difference I don’t place hard stops and that has lot to do with 20-30 pip spikes that happen everyday and average trader often gets hit on these spikes. My SL is predetermined and firm. No fking way I will let 1% DD become 20%! that belongs in rookie section trading.
Clear? If you let your losses mushroom then that’s your issue. I have never ever advocated trading without SL meaning NO guards in place should you clearly be wrong. Not placing hard SL does not mean one does not have SL!!

I answered this multiple times here and may save it for future reference. I don’t use traditional hard stops. I trade totally different them most traders. I use real actual $$ for stops and not pips.
Example I like to short NU 7120
My budget for this is 2-3% of account risk say $500 for example. I then enter trades on mini lots and as long as my 500 is not consumed on DD and I am still confident of my trade I stay on it. I may choose to get out early but most times my SL is predetermined. This allows me to cast a wider net. So, my 10mini lots can cover 50pip distance hence capture better RR
There is advantage to trade this way. Should PA go against you and you no longer like the trade you can get out by fraction of lot invested hence your loss is minimal instead of traditional 1 trade 1lot per trade when if wrong loss is substantially higher.

This is typical issue not just this system but trading in general and most systems. How to overcome SL and DD. I find what I do provide best solution for me (account results speak for itself.) I don’t use hard stops. Reason is 20-50pips SL are easily taken out. Market usually spikes before reversal. Try having wider stops smaller lots or monitor trades without hard SL.

Nice trading. I am holding for possible break to weekly pivot at 2940’s. Just keep in mind that higher TF is still bear H4 so what may look bad on H1 30min may not look so bad on H4. This is hard part of trading. Take profit or let it run. Hold and PA may go up in a range and you lose profits and get out PA may break lower and you might be scratching your head why you got out early.
I don’t have easy solution. Each swing has its unique PA must watch the market to determine the right move.

I think we are getting there gradually. av been seen some green pips but i want to catch more green pips by reducing my position sizing. How long do you leave your trade open.? D you have a mental projection or you close before the next available resistance. or you wait for Pa and Tdi to tell if the going has ended.

Watch PA and S/R’s example your NU is heading towards previous daily open right now at 7065 but H4 H1 green so I would let it run towards weekly pivot 7111’sh
US final GDP Q coming up so market is unloading some USD now.

  • Post # 8
  • Quote
  • Mar 30, 2020 6:58pm Mar 30, 2020 6:58pm

Some thoughts related to Stop Loss:

Just keep in mind that PA must agree with your entry. When it works you can add more positions kind of beef up the position hence 2x 5x profit ratio. To me it�s not about how many pairs one trades but how well you maximized that 1 good trade.
Example I made over 2k pips on UC alone last month and almost the same on AC. Did not have to be all over the map. My focus is find good set up and hummer it hard.

Your exit is pretty bad. You need to allow trade to ride maximum distance at least to next pivot. Usually people getting out early have large lots and scared shit. This is part of training the mind. Reduce the size and allow greater distance.

How I deal with DD? Good question. I don’t really count pips I count $$. I set for example $500 1 batch of trades. I enter mini lots. As long as my 500 is not reached then it did not reach my SL. In AN case I got stopped out. Sometimes does not work holding on. Should of gotten out when in good profit. That’s trading. Hard knowing the future. I have many times got out early then price moved in my way another 300pips so it�s delicate act which I am still trying to refine.

Once again my SL is based on actual $$ not pip. As long as my batch of trades have not reached max Dd in terms of $$ then I let it run. Let me give you concrete example. I was shorting UC from 129 and price went 31+ and I had over 200pip DD but in actual $$ it was only 20% of my intended lot to be traded on this pair. Then I Hummered rest from the swing top and made all DD back plus nice profit. I trade unorthodox style. I learned over the years that 20-30pip SL is sucker move. It will get hit and you can be taken out even if direction is correct. I refined my style of trading that pivots allows best entries without huge DD. People who see the value of this thread will profit.

My sL is part of my trading entries. Should PA overrun my budget for that trade I take the loss manually.
I often take earlier if I think fundamentals shifting. I work 70hrs a week and often can’t be at my computer but twice a day morning and night I can hence plenty of opportunities to take the loss.
Reason I can do this because I don’t over trade. I trade mini lots. Hope you are clearer. I don’t talk about this often because I rather people use SL they are comfortable with.

Yes Nostro I average in. I only take the loss when I know I have no chance to recover. So far that rarely happened to me since trading pivots.

limit orders are just “in case scenario”
I operate on assumption that market can do anything anytime. As far as why not buy AU. Once I establish direction on a pair usually based on fundamentals (RBA may cut again) I only trade in that direction only. This only will make sense once you formulate longer term fundies. Fact is USD still dominate and US economy is picking up again. There is no way I would sell USD at these levels.
Don’t buy NZD on any pair. Thing to do is wait for rally then sell the rallies. Once you establish weakness of the currency then don’t chase it instead exploit it.

I generally hit 20+% a month without any stress and not even trying hard meaning without increasing position size. As you know there is advantage for smaller lot. Price is at 61R PA was bear and everything looked good and you went short large lot. Price spikes 30pips against you could be some pinhead saying something somewhere and you are immediately over 100 in the hole and panic and take the loss.
Now same scenario with smaller lot you could add more on top of spike and increase your position by exploiting the spike. You see its very different mindset. Instead of panic you increase likelihood of better price average overall.

As you probably already I hope you read that I often mention to trade small smaller lots. Furthermore you must have SL predefined as I often mention as well.
You must have an exit strategy. How much DD you can allow on any trade.
Beyond this this is an advance trading and warning is on my 1st page.
Good luck. I can’t tell you what to do since you know your position vs account size.

Pivot Trading Journal

General guidelines
Please be aware that one screenshot is more than thousand words.
I’m posting live calls and trades but this isn’t a signal service. You and only you are responsible for your trades.
Please don’t ask software related questions here. I’ve got special thread for it: MT5 Indicators and EAs
Please no commercial content.
Please do your work and read this thread before asking questions. My focus is to trade and I don’t want wasting a time to answer same questions many times.
As thread starter I can ban anyone who continuously wants to be spoon fed or plain lazy.
Trolls will be removed without warning and hesitation.

I’m doing my own review of Davit’s thread:
Part #1 started from Post 6
Part #2 started from Post 46
Part #3 started from Post 106
Part #4 started from Post 149
Part #5 started from Post 189
Part #6 started from Post 217
Part #7 started from Post 277
Part #8 started from Post 337

Books that are worth to read:
The Secrets To: Emotion Free Trading
“How To Consistently Act In Your Own Best Interest With Your Off-The-Floor Trading!”
Written By Larry Levin
Why visualization techniques works!

TRADING IN THE ZONE
MASTER THE MARKET WITH CONFIDENCE, DISCIPLINE AND A WINNING ATTITUDE
MARK DOUGLAS
THE TRADER’S EDGE: THINKING IN PROBABILITIES

BIRD WATCHING IN LION COUNTRY
FOREX TRADING EXPLAINED
2020 EDITION (Revised, Updated & Expanded)
Dirk du Toit
unbearable lightness of trading

The new psycho-cybernetics: the original science of self-improvement and success that
has changed the lives of 30 million people / by Maxwell Maltz: edited and updated by
Dan S. Kennedy and the Psycho-Cybernetics Foundation, Inc.
Pick someone to thoroughly study for a month
Imagination: The Ignition Key to Your Automatic Success Mechanism

ZERO RESISTANCE LIVING
Presented by THE PSYCHO-CYBERNETICS FOUNDATION, INC.
Lesson 1

  • Post # 2
  • Quote
  • Mar 30, 2020 4:21pm Mar 30, 2020 4:21pm
  • Post # 3
  • Quote
  • Mar 30, 2020 4:45pm Mar 30, 2020 4:45pm

I’m using MT5. So, I’ve developed collection of required indicators for MT5:

Pivot, ADR, DailyOpenLine, MMPrice – Magnified Market Price and Pips.

You can download them freely from my software development thread: MT5 Indicators and EAs

  • Post # 4
  • Quote
  • Mar 30, 2020 4:53pm Mar 30, 2020 4:53pm

I trade these pairs:

Majors: EURUSD, USDJPY, GBPUSD, USDCAD, AUDUSD, NZDUSD,
Euro Crosses: EURGBP, EURCAD, EURAUD
Yen Crosses: CADJPY, AUDJPY, NZDJPY
Other Crosses: AUDCAD, AUDNZD, NZDCAD

So, for clarification:

Majors: EURUSD, USDJPY, GBPUSD, USDCHF, USDCAD, AUDUSD, NZDUSD,
Euro Crosses: EURCHF, EURGBP, EURCAD, EURAUD, EURNZD,
Yen Crosses: EURJPY, GBPJPY, CHFJPY, CADJPY, AUDJPY, NZDJPY
Pound Crosses: GBPCHF, GBPAUD, GBPCAD, GBPNZD,
Other Crosses: AUDCHF, AUDCAD, AUDNZD, CADCHF, NZDCHF, NZDCAD

  • Post # 5
  • Quote
  • Mar 30, 2020 4:59pm Mar 30, 2020 4:59pm
  • Post # 6
  • Quote
  • Mar 30, 2020 5:36pm Mar 30, 2020 5:36pm

Some thoughts related to trading psychology:

What we call mistakes are actually valuable lessons for success. An important part of Psycho-Cybernetics is learning to use mistakes creatively and to remove the negative feelings that mistakes cause. From book Emotion free trading.

Worth posting this image. Image is from book “Psycho-Cybernetics, A New Way to Get More Living Out of Life” by Maxwell Maltz, M.D
Father of self help books but nobody comes close. Since trading is roughly 70-80% psychological it helps working on yourself.

Few thoughts I like to share.AS you probably already aware when things are going well this thread is bustling and when not gets quiet. Its natural $$ attracts however this system is not about 1 week’s profits or even month’s it�s about quarters. This is how I measure my success
.
In short keep your head high and thrust forward few bumps should not derail your goals. It�s a marathon and not a sprint. There will be mistakes made and they are natural since we are dealing with lots of unknowns however when made don’t beat yourself forgive yourself learn from it and move on.

The Secrets To: Emotion Free Trading �How To Consistently Act In Your Own Best Interest With Your Off-The-Floor Trading!� Written By Larry Levin
“One of the biggest reasons people get into losing streaks while trading is because they confuse their losing trades with themselves. In other words, we conclude that because we had a losing trade or a series of losing trades, we are a losing trader.
But the important thing to remember here is we are not our losing trades. Losing trades are part of trading. There isn�t a single trader in the world who doesn�t have losing trades. The only way to avoid them is not to trade in the first place. You cannot be a successful trader until you take mistakes and losing trades for what they really are. They are simply by-products in the trading game and need to be used to gain learning and understanding. But in no way do they define us as a person.
But that is where the big problem comes in. Many people let their losing trades and mistakes define them. If they�re having trouble and have had a series of losing trades, they start to think of themselves as a loser. They continually think of themselves in that way. As we know from before, this kind of thinking will just bring on more of the same.
Forgiving yourself completely is the only way to avoid this trouble. You are not your mistakes and losing trades. You must put the past behind you and go forward. Holding a grudge against yourself only hurts yourself. Forgive yourself, it�s the only way to be successful.

This applies to Nostro question and trading in general. First like to add that there is no loss system period! If anyone is telling you there is one just stay away and don’t waste your time. Worth posting this.
Thinking in terms of probabilities also helps remove the emotional risk of trading. Mark Douglas talks about the 5 Fundamental Truths, they are as follows

1. Anything can happen
2. You don�t need to know what is going to happen next in order to make money
3. There is a random distribution between wins and losses for any given set of variables that define an edge
4. An edge is nothing more than an indication of a higher probability of one thing happening over another
5. Every moment in the market is unique

  • Post # 7
  • Quote
  • Mar 30, 2020 6:19pm Mar 30, 2020 6:19pm

Some thoughts related to Stop Loss:

One way I share on this thread to overcome spikes and DD is to trade smaller lots hence leaving room for adjustment should it be necessary. I think of trading like going to a battle. You always want reserve troops available should it be needed. This is why I can recover from DD in most cases.

When I am in profit I try to maximize by watching price action and get very alert on round numbers, daily open and pivots. This also true when getting in on trade
Currently watch NC so far failed to break RN 92 you must see these things clearly on daily bases
EG may bounce to 8380-90 again and could provide another swing down opportunity.

Guys I have posted over and over that I do take losses. No rational person who aspires to be a professional trader would not address one of the most important aspects in trading. Only difference I don’t place hard stops and that has lot to do with 20-30 pip spikes that happen everyday and average trader often gets hit on these spikes. My SL is predetermined and firm. No fking way I will let 1% DD become 20%! that belongs in rookie section trading.
Clear? If you let your losses mushroom then that’s your issue. I have never ever advocated trading without SL meaning NO guards in place should you clearly be wrong. Not placing hard SL does not mean one does not have SL!!

I answered this multiple times here and may save it for future reference. I don’t use traditional hard stops. I trade totally different them most traders. I use real actual $$ for stops and not pips.
Example I like to short NU 7120
My budget for this is 2-3% of account risk say $500 for example. I then enter trades on mini lots and as long as my 500 is not consumed on DD and I am still confident of my trade I stay on it. I may choose to get out early but most times my SL is predetermined. This allows me to cast a wider net. So, my 10mini lots can cover 50pip distance hence capture better RR
There is advantage to trade this way. Should PA go against you and you no longer like the trade you can get out by fraction of lot invested hence your loss is minimal instead of traditional 1 trade 1lot per trade when if wrong loss is substantially higher.

This is typical issue not just this system but trading in general and most systems. How to overcome SL and DD. I find what I do provide best solution for me (account results speak for itself.) I don’t use hard stops. Reason is 20-50pips SL are easily taken out. Market usually spikes before reversal. Try having wider stops smaller lots or monitor trades without hard SL.

Nice trading. I am holding for possible break to weekly pivot at 2940’s. Just keep in mind that higher TF is still bear H4 so what may look bad on H1 30min may not look so bad on H4. This is hard part of trading. Take profit or let it run. Hold and PA may go up in a range and you lose profits and get out PA may break lower and you might be scratching your head why you got out early.
I don’t have easy solution. Each swing has its unique PA must watch the market to determine the right move.

I think we are getting there gradually. av been seen some green pips but i want to catch more green pips by reducing my position sizing. How long do you leave your trade open.? D you have a mental projection or you close before the next available resistance. or you wait for Pa and Tdi to tell if the going has ended.

Watch PA and S/R’s example your NU is heading towards previous daily open right now at 7065 but H4 H1 green so I would let it run towards weekly pivot 7111’sh
US final GDP Q coming up so market is unloading some USD now.

  • Post # 8
  • Quote
  • Mar 30, 2020 6:58pm Mar 30, 2020 6:58pm

Some thoughts related to Stop Loss:

Just keep in mind that PA must agree with your entry. When it works you can add more positions kind of beef up the position hence 2x 5x profit ratio. To me it�s not about how many pairs one trades but how well you maximized that 1 good trade.
Example I made over 2k pips on UC alone last month and almost the same on AC. Did not have to be all over the map. My focus is find good set up and hummer it hard.

Your exit is pretty bad. You need to allow trade to ride maximum distance at least to next pivot. Usually people getting out early have large lots and scared shit. This is part of training the mind. Reduce the size and allow greater distance.

How I deal with DD? Good question. I don’t really count pips I count $$. I set for example $500 1 batch of trades. I enter mini lots. As long as my 500 is not reached then it did not reach my SL. In AN case I got stopped out. Sometimes does not work holding on. Should of gotten out when in good profit. That’s trading. Hard knowing the future. I have many times got out early then price moved in my way another 300pips so it�s delicate act which I am still trying to refine.

Once again my SL is based on actual $$ not pip. As long as my batch of trades have not reached max Dd in terms of $$ then I let it run. Let me give you concrete example. I was shorting UC from 129 and price went 31+ and I had over 200pip DD but in actual $$ it was only 20% of my intended lot to be traded on this pair. Then I Hummered rest from the swing top and made all DD back plus nice profit. I trade unorthodox style. I learned over the years that 20-30pip SL is sucker move. It will get hit and you can be taken out even if direction is correct. I refined my style of trading that pivots allows best entries without huge DD. People who see the value of this thread will profit.

My sL is part of my trading entries. Should PA overrun my budget for that trade I take the loss manually.
I often take earlier if I think fundamentals shifting. I work 70hrs a week and often can’t be at my computer but twice a day morning and night I can hence plenty of opportunities to take the loss.
Reason I can do this because I don’t over trade. I trade mini lots. Hope you are clearer. I don’t talk about this often because I rather people use SL they are comfortable with.

Yes Nostro I average in. I only take the loss when I know I have no chance to recover. So far that rarely happened to me since trading pivots.

limit orders are just “in case scenario”
I operate on assumption that market can do anything anytime. As far as why not buy AU. Once I establish direction on a pair usually based on fundamentals (RBA may cut again) I only trade in that direction only. This only will make sense once you formulate longer term fundies. Fact is USD still dominate and US economy is picking up again. There is no way I would sell USD at these levels.
Don’t buy NZD on any pair. Thing to do is wait for rally then sell the rallies. Once you establish weakness of the currency then don’t chase it instead exploit it.

I generally hit 20+% a month without any stress and not even trying hard meaning without increasing position size. As you know there is advantage for smaller lot. Price is at 61R PA was bear and everything looked good and you went short large lot. Price spikes 30pips against you could be some pinhead saying something somewhere and you are immediately over 100 in the hole and panic and take the loss.
Now same scenario with smaller lot you could add more on top of spike and increase your position by exploiting the spike. You see its very different mindset. Instead of panic you increase likelihood of better price average overall.

As you probably already I hope you read that I often mention to trade small smaller lots. Furthermore you must have SL predefined as I often mention as well.
You must have an exit strategy. How much DD you can allow on any trade.
Beyond this this is an advance trading and warning is on my 1st page.
Good luck. I can’t tell you what to do since you know your position vs account size.

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