Thinking carefully about the trading system – GBPUSD forex trading

Today was another losing day which was extremely frustrating.. the short trade triggered first and then went straight up to hit the stop and then the buy trigger which immediately reversed to hit my stop… the total loss was 80 pips. If you look at the chart, however, you can see that I lost out just by a few pips. The trade today should have been the short which fell nicely a good 100+ pips.

The trading system has suddenly taken a turn for the worst and I’m considering what to do about it. It’s been very frustrating as I keep on getting stopped out by a few pips..  however, I do not want to tweak it as I will end up with something completely different and not the original system. I think this system will start winning again but for now, the losses have been plenty and I am losing confidence with it.

My trading psychology needs me to be winning more trades than losing.. what I mean by that is not focused on the monetary winnings but the sheer number of winning to losing trades. Some people would quite happy having 9 in 10 losing trades but that big trade is big enough to cover all those 9 losers. For me, I need to have around 70% of my trades as winners with the wins to loses being about the same in value.

Anyway, lets see tomorrow.. I may watch on the sidelines before dipping again… knowing my luck however, if I decide not to trade, the market will frustrate as it’ll show that if I had traded, I would have done well!

Anyway, here is the chart of today showing the short and long trade that triggered

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Category: Forex trading, Spreadbetting, Trading