At The5ers, we get to speak to many of our traders about their strategies, systems, and emotions through our Portfolio Analyst Resource.
We hear about the traders’ challenges and successes!
From these talks, we get to learn a lot of important insights regarding trading performance that might be helpful for all of you!
Insight: First of all, take a break. Do not trade just to recover because the pressure might lead you to over trade and make the situation worse. Now let´s review what caused the losing streak.
The most common reasons are a change in the context of the market, leading your strategy not to perform as it should; or the trader executing poor signals. What do you think we need to work on?
Insight: The markets are fractals, meaning patterns and key zones can be found on all time frames. Let’s try to adapt your strategy to a larger timeframe like de 1h. You will have fewer setups, and your stops will be larger so you will need to adapt your lot sizes accordingly. But in that way, you will not have to be in front of the charts.
Insight: What happened to you is called confirmation bias. We looked for patterns or indicators to justify what we think about our trade or the management of it. This simply because we do not like to be wrong. After you do your analysis before entering a trade of when to enter and exit the trade, don’t mess with it, let the market move in the direction it needs to move and, if any, try to reduce your risk as soon as possible.
Insight: I see your stats, your system is just fine. You do not need to be more active. Many times less activity is actually the best. If you feel you want to be more active, open a demo account and release your need to be active on it, but keep using your good system on your real account.
Insight: taking profits is more as an art than a science. The optimal is to place them before important levels in the market to make sure they hit. If you want to also let some runners, you can take partial profits on the fisrt target and let the rest running to another level.
Thank you Saul for the call this morning.
I found your advice to be very helpful which I plan to implement in my trading immediately.
Some trading challenges are very common across many traders. Some of them are more sophisticated but some have a relatively simple solution.
We are happy to see the improvement in the equity curve of the traders who have attended a Portfolio Analyst meeting.
If you are a 5ers trader, you can also schedule an appointment with one of our portfolio analysts to share your challenges and get some feedback. Just go to your dashboard and save your spot.
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