Guys, I’m in big trouble and fault’s completely mine.
I can’t seem to be able to set realistic profit targets, my strategy is highly discretionary but if executed correctly it’s quite good, it’s based on S&D zones/OBs/SnR, a bit of Wyckoff (very useful to anticipate short term reversals), sessions’ highs and lows (“liquidity”), break and retest. Simple, nothing fancy.
I use all these concepts (I try to at least) in M1, the time frame isn’t the issue, I got used to it and infact thanks to it I’m often capable of making more often than not relatively sharp entries.
The issue is I can’t take profit because of it, I can reach consistently 3-4 RR, if not more, but because of Ego and greed (but it’s mainly the former, because if I was truly greedy, I would know when to reap the green), I literally sabotage almost every fucking trade I open: it’s up 1-3k and there is a clear resistance zone in which the price is being rejected? Well, let’s wait until the trade hits my SL (that often gets moved in hope that the price goes to the unrealistic 12 RR target I set). Over and over.
Because of this, my avg RR is very inconsistent (it’s like 2.5-2.8, but I chase the twice as much) so is my WR% (like 35-37%, although it could get up to at least 45-55, if not more, with more common sense)
Honestly shameful. Today was disgusting, I was in drawdown of -4% (which is nothing for me, I have been able to recover such DDs), I wasn’t feeling anxious, actually I was feeling nothing, I opened a Gold (I don’t even like this pair, idk why I keep trading that shit) trade, was up $1.5k, didn’t take it until it hit my BE; opened another one, this time got even up to $4k, but didn’t close it until it went down to roughly $2k; -2% DD…easy, then opened a DAX/GER40 position, perfect setup (HTF ChoCh, Inducement towards Supply/OB, LTF confirmation with double top), made another $2k, set a 10RR target (the lows of Asian session), but I was fearful so I closed it at 4RR…
Breakeven, I should have been satisfied for the day, but since I have no life (and no job atm, I actually needed that money lol), I decided to keep trading especially after being extremely tilted by the fact that DAX trade would have eventually hit that target netting more than $7k.
Boom -1.2% on GBP/JPY (which I never trade, but I was bored) because of slippage during news (for USD shit); another -1.5% (the initial R was supposed to be 0.5% but obviously I moved the SL) on Gold trying to catch a falling knife…
Despite all this, I was still “chill”, opened another Gold trade, I wanted to kill the market, the TP set to $8k (lol, 12 RR)…It even goes up to $3.5-3.8k…nothing, the market gave me plenty of opportunities (it kept making lower HHs) to close it with a decent profit, so I stared for 10 hrs at the chart to see XAU making wicks left and right, until I decide to close it at like $300…
Annoyed again, then I decide to annihilate the market (target $10k) with NQ…perfect (counter)trend entry, with like 90-100 lots (so like 5 contracts in futures terms), up again to $3.3k (3-4RR)…did I close it? Nope, I became liquidity.
At this point I was completely out, couldn’t reason anymore, ignore the few rules I had imposed to myself, took 5 losses consecutive at 1% risk (nonsense), all of them on NAS (which btw, it’s the reason I passed the challenge, it’s definitely my best pair).
All this, down to 8%
10 hrs wasted, I could have made legit $10k+ today with a fucking brain, for fuck sake.
Sorry for the rant.
submitted by /u/Truth_Sellah_Seekah to r/Daytrading
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