I've been doing this for 3 years now. Should i give up?
As the title says, I've been trying to learn trading for 3 years with nothing to show for and now I'm wondering whether I have to give up and move on. Look this example from yesterday EURUSD (5 minute bars) and judge me. The timezone is CET.
I was looking to go long around bar 1 but there were 6 bear bar and decided to wait for a 2nd entry. I went long above bar 2. My SL was below the bar before bar 1. At bar 3 I felt like it might reverse and got out almost break-even. At bar 4 I though the bullish momentum might be back and went long again. My SL was below the new 3rd bar before bar 4 (sorry, i forgot to mark it). Since there was going to a news release in less than 1 hour (I tend to be flat before major news) I exited at bar 5 with minimal loss. Had I stayed long, it would have thrown me out and then it would have moved up.
I almost never widen my SL and my targets are based on how much I usually risk. I tend to aim for 1.3 times of the amount I risk losing (accounting for spreads, commissions and slippage).
How sloppy was this for a guys who is 3 years in? Am I wasting my time? Thank you in advance. #TradingShot