I get it wrong every day SPG
I've heard rumours that some people do well on the FX short terms - just doesn't work for me. To the cliché, for me short term plays seem like 'picking up pennies in front of a steamroller'.
Important thing for me is knowing when to bet, when to cut when to hedge and when to collapse (sounds like a country western song
)
Trading a short TF just puts me on edge and tends to lead me to making bad (hasty) decisions.
Larger TF's with smaller position size allows me to hold overnights.
What’s not shown on my open book above is that I profited off each major retrace (and got chopped about 4 x w minimal loss) along the way with close to or zero risk using a monkey bar strategy.
Place a core and ride it, when it hits a turning point, hedge up (if high conviction go 100% hedge). When the hedge appears to be fully extended collapse the hedge and if the price at collapse is far enough away from the initial position opening price add to the core position.
Each time you profit off the retrace and wind up with a larger core. Each new core is de-risked by the profit made off the hedge. Hope this makes sense
