If there is solid trend recognition skills, then what makes the difference will be momentum and timing.
As long as I can endure the correct trend with sufficient margin, I can work on recognizing the correct momentum and timing, which will determine the amount of lot size i can risk , and therefore the amount of profit I can take.
I have realized that from such and extended period of trading,
1) it is very rare that I can short at the extreme top or bottom.
2) it is uncommon that the moment I enter is will THE wave or flow that results in subsequent movement.
Mentally, I will need to be prepared that I may need to wait for up a few days before price breaks the key level for the breakout. While I can work to improve my timing, I should also work to improve on my patience.
3) However< i can also work on batching in positions, as well as spread out my risks and increase my chance of daily pip gain by spreading positions across the crosses of each pair.
Currently this is being tested on my demo account of :
The idea is to
1) have a stake on all pairs that shows setup to trade.
When one currency moves, there will be chance of being able to TP on pips. While others will bid their time to take profit.
2) Batch the different positions. As long as trend is right, with relative good momentum and fair timing,
positions which are spread out will have a quicker chance to get into +ve itm. So that allows easier to TP as well.
Will monitor this account and looking forward to use this concept in 2015.
However, what will be needed will to be using a smaller per risk % of each trade
– possibly not setting SL. Trade direction needs to be correct.
– Discipline to enter on different trade levels so as to tactially spread out the positions to gain on getting the right swing. At least 1 of the position should be able to get it.