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Jay McKean

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Everything posted by Jay McKean

  1. Over confidence can be damaging to the trader as much as lack of confidence in executing trades. Any emotional extreme is an unwelcome quality in a winner’s mindset. After making a great winning streak there is a tendency for many traders to become complacement, cocky and careless. When a trading system is working well there can be a natural human inclination towards the feeling of infallibility. The trader can be impaired and start trading on gut feeling. This is not a good sign of trading like a professional and usually results in damaging accounts and mindset. Many traders build up accounts only to give it all back to the market. What are the symptoms of overconfidence? Willingness to take larger risks. Staking a much larger position in one market. Risking more than usual across multiple markets. Not adhering to trading plan. Willingness to ride losses longer than usual. Maybe I’ll jut take a chance attitude. Not taking profits at predetermined objectives. Feeling of the best is yet to come.
  2. Hi World Trader, Depending on the pair. I trade 12 pairs to ensure plenty of trades over a year. This also gives me the opportunity to be very picky on trade setups. The pairs range between 60-75% win/loss but I also ways aim for between 2:1 reward to risk and 3:1 reward to risk. As you can imagine even 50% win rate would be very profitable over the long term. Average stop 100-200 pips. But using fixed ratio position sizing, it doesn't really matter because the risk is always the same. Cheers, Jay
  3. I have been trading FX end of day candle stick charts based on price action for few yrs. Candle stick patterns with added confluence such as fibs, support and resistence, RSI divergences have been very successful. No reliance on lagging idicators and average reward 2:1 provides an excellent edge.
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