SL is maximize take profit
How are you ?
As promised, here is my trading journal (color pattern + double block pattern, daily timeframe) after 5 weeks.
Here are my thoughts.
Quite well overall.
1813 pips earned, 958 pips loss (profit factor for pips : 1,89)
But as I did bet 1 to 2% risk per trade, finally the profit factor for money is “only” 1,50, with an overall gain of 6% after 5 weeks (my goal is to make 10% per month constantly if possible).
Do you think this is good (I was aiming for a profit factor of 2) ?
So I think I will bet something like 1,5€ per pip, so that the 855 pips gained mean around 1200€ (12%) for 5 weeks. It’s also easier to calculate the positions sizes.
What do you think about it ?
I also think that I must miss something in order to be better, but I don’t know what.
Maybe more trades, with harami, for example ?
Color and double block patterns are good, but maybe I should add another one ?
I hope that your trading is still in good health… as for you !
here is very important key things
TP is limitation of take profit
but SL is maximize take profit
so using Tp and SL at same time
this means TP or SL
but use SL only means SL or maximize profit.
so I recommend use SL only