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Sep 30

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1 Trade 1 Success Job Done

End of the month – strange was September.

The month started with my worst 2 weeks of trading in 6 months………..and after several months of not hitting my targets a radical re-think was required. An old adage was replaying in my head “do what you always have done and get what you have always been given”. So have to admit a few things :

1) I cannot manage the market successfully on 5min or less timeframes

2) Equally I cannot manage 5min timeframes and many pairs to boot

SO  from mid sept I changed tack, not overall strategy but how I was to perceive the market  :

1) No more 5min timeframes……..I will assess the market on 30mins / 1hr

2) No more chasing the dragon……I cannot possibly understand all the delicate nuances of each pair traded in the market. My mentor is helping, he trades just 1 pair on intra-day and suggests I choose one and do the same.

Results were quite startling……..from 50% win/loss ratio at the beginning of the month to 85% non-losing trades in the 2nd half. Of course I need to use this new “bigger picture view” when the market is in its different cycles to assess my true performance but the signs are better

3 winning weeks on the trot on intra-day trading……1st time ever !

Typical trade today on EURUSD a 1-2-3 over DP on the 30min chart for 30pips

Jim

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Permanent link to this article: http://intradayforextrading.co.uk/2010/09/30/1-trade-1-success-job-done/

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