Here is an account which we are working on reviving from a drawdown. We must remind ourselves of the good pockets of performance and to be more consistent.

Are you reviewing Metatrader metrics? Note that they seem to define maximal drawdown as the largest losing trade (with commission added).

Also, I noticed a new feature related to exiting multiple orders. We need to be on the lookout for these kinds of things!

I was thankful to be able to trade the Dow today (5 profitable scalps 🙂 )

Using ball park figures, we can say this was a session that ended with +30 “points”.

There are nuances here:

• Pip values vary by pair
• Brokers / Platforms can handle commissions and ‘tick’ values differently than others, for CFD’s like Dow, and other instruments

Using our ball park estimate, 30 points could work out to be 300 dollars on standard sizes. This example was a live account with very small position sizes.

Be sure to understand the platform you are trading on. The Foreign Exchange Trading Academy delves into this subject in the new Risk Management curriculum.

Theoretically, you could gain positive pips or points, yet be in the negative due to position size management (and vice versa)!

I recently came across a printout from an article related to Psychology.

2 of the bullet-points on the printout were:

• I continue to educate myself on how markets work

• I continue to educate myself on how the mind works so that I incur the necessary discipline to execute the right actions for my success

Here is an example of where looking just a little longer at the chart before placing a stop loss order would completely turn things around. The stop needed to be a bit lower than where is was, clearing the area where the middle band ended up. We needed a better candle to use, and it was available.

The price went two times past where the take profit was.

I’m simplifying this a bit. Sometimes we are stingy with our stop losses, they need some technically justified room. Sometimes we are too liberal with them when there is a meaningful level closer to the entry.

We need to follow the two bullet-points.

This was a + short trade, the 1 minute chart shown

It’s nice to see positive slippage.  Bands and a fib are all this chart has. The 1 hr chart was the reference time frame