BiteFX's Journey So Far...

The market has taught me several lessons, many of which I wish to keep here for me.

I have tried some really dangerous trading strategies in the past that proved only one thing, the market is the market, a trader is a trader.

Simple enough but hard to understand.

SAMPLE TRADE SETUP AND ANALYSIS

13-Nov-2024

13-Nov-2024
Only one long position remaining as market took out one of the long positions SL around 6AM

Some guiding discipline
1. Eliminate emotional trading by deciding how much of my equity I am risking on a single trade signal. No single trade signal is worth blowing my account for.
2. Eliminate the fear of missing out (FOMO) by setting limit orders with effective stop loss and take profit.
3. Trust the law of large numbers to play in my favor. 1:2 risk reward is sustainable in the long run.

13-Nov-2024
Around 10AM another buy signal showed up. But one of the first buys hit stop loss before.
So...

13-Nov-2024
Another buy signal around 11:15am

13-Nov-2024
15:00
So...I switched to D1 to monitor the trades progress in profits.

13-Nov-2024
Sell signal

26-Nov-2024
Bullish divergence
This divergence occured toward the end of the day of 25-Nov-2024.

26-Nov-2024
Sell continuation set up

26-Nov-2024
Doublebottom