I haven't seen something like this around here, so I thought we could give this a try. Post what you think about yourself, your development in FX, faults, strengths, etc.
I'll start. I think I have come a long way in realizing many important things in the past year (been studying for about 2 years). I do not overtrade anymore, I can go for days, even weeks without taking a trade if there are no setups, however if I do see a setup nearly formed sometimes (not often) I jump in a bit early. I've got a fairly solid money management system, simply 1% of capital per trade risked, with a risk:reward at 1:2 - 1:4, with a winning expactancy between 50% - 65%. I have no problems taking (small) losses where the stoploss is placed. One thing I could really work on, is setting takeprofits and exit strategies. I think sometimes I set them much too high. for example: I set a t/p at 100 pips, and it gets to +75, but I don't touch it at all, just set stoploss to breakeven, which it eventually hits. I think a solution to this could be to move the stoploss up a bit higher, and possibly scale out of trades, or just re-evalute my t/p's, lol. Also, I am having a bit of a difficult time turning mostly discretionary price action (no indicators, mostly just trend lines/patterns) into a completely mechanical system, perhaps it may never be able to be all mechanical, and I will have to use discretion, does that sound right?
I'll start. I think I have come a long way in realizing many important things in the past year (been studying for about 2 years). I do not overtrade anymore, I can go for days, even weeks without taking a trade if there are no setups, however if I do see a setup nearly formed sometimes (not often) I jump in a bit early. I've got a fairly solid money management system, simply 1% of capital per trade risked, with a risk:reward at 1:2 - 1:4, with a winning expactancy between 50% - 65%. I have no problems taking (small) losses where the stoploss is placed. One thing I could really work on, is setting takeprofits and exit strategies. I think sometimes I set them much too high. for example: I set a t/p at 100 pips, and it gets to +75, but I don't touch it at all, just set stoploss to breakeven, which it eventually hits. I think a solution to this could be to move the stoploss up a bit higher, and possibly scale out of trades, or just re-evalute my t/p's, lol. Also, I am having a bit of a difficult time turning mostly discretionary price action (no indicators, mostly just trend lines/patterns) into a completely mechanical system, perhaps it may never be able to be all mechanical, and I will have to use discretion, does that sound right?