Side Project on no SL
on top of the regular trading account, had working on several almost burnt account to revive them.
Since early Jan, had been taking trades on a micro account which was the product of an almost burnt account.
It was left with about $100+ but managed to revive it $900 as of now
Characteristics of trade: Most trades were taken on the ‘right’ direction.
My belief of my skill level is that:
1) I have relatively good direction of market,
2)but timing can always be improved.
3)For SL there is definitely more to improve.
4) TP levels flactuates from time to time. At times the levels could be very accurate, yet at other times I have been let down by a few pips due to spread but greed, that result in win to loss.
General actions in this micro account
1) majority of trades on my highest accuracy pairs i.e antipode pairs. concept is based on pareto ratio theory.
2) No SL placed , only mental stop loss
3) Smallest lot size used, so positions can withstand 100 pips in paper loss yet I do not feel the pinch.
4) take profit as often as i can, whenever positions is itm abt 60-100 pips. Reenter when price retraces. Take advantage of the mean reversion nature of price, but still following the general trend of price.
1) Balance growth leads equity growth, since I do not cut loss at all. However as I take profit regularly, growth is healthy. I reenter on retracement so I always ensure I still continue to partake in the trend.
2) Paper drawdown may increase within certain periods but that was fine as many a times pos turned went out of the red due to being in the correct trend.
3) Turning 100+ to 900+ took me abt 4 months but I had no stress at all as I did not bother with market timing and entered as I wished without triggered. The only assumption is that the general direction is correct.
May look to incorporate some good practices from this project