At The5ers, we speak to many of our traders about their strategies, systems, and emotions through our Portfolio Analyst Resource.
We talk about the traders’ challenges and successes!
From these talks, we learn a lot of important insights regarding trading performance that might be helpful for all of you!
Insight: Every currency pair moves a certain distance on every impulse or retracement. The average pip distance covered on those movements is called a Price cycle. You can measure the movements and average them to get an idea of how much is expected from that pair to move from pivot to pivot.
Insight: It really depends on you. Trading various pairs will give you more setups and trading opportunities. While focusing on a single currency pair, you will get to know that specific pair’s nuances and eventually master it. There is no right or wrong, and it depends on your trading plan and strategy.
Insight: It’s normal and understandable. Remember that a strategy will win about 50%-70% of the time, so sometimes we will face a few losses in a row and still stay within the strategy parameters. Just make sure nothing has fundamentally changed in the market. In that case, you have to adapt your strategy to new market conditions.
Insight: Congrats on that step. It might exist, but I have not seen an automatic EA that makes profits over a long period of time, so learning to trade is eventually the best skill to develop. You can still use some tools to help you find some patterns or setups, but the trade execution and risk management are better done manually.
Insight: There needs to be a reason for placing a stop at a certain level. 20 pips are a lot for some pairs but very little for other fast pairs. 20 pips might be a lot for the 1-minute chart but very little for the daily chart. Make sure you place your stops on the other side of a key level, so you don’t get stopped out before the price moves in your favor.
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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 traders’ equity curve 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 feedback. Just go to your dashboard and save your spot.
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