Only my trading style. It is good for me.
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Only my trading style. It is good for me.
Entered short on USDCAD... I saw a reversal on 1M that the L1 was crossing down L2 and they were far away in the 5M L1.
I got 10 pips. But I went down ...
Nice Trade! Im confused tho, concerning why you entered there?
Wow!! USDCAD is very aggressive...I simply lost quite alot of pips with it. While I am studying the machine going to stay with the others for 16, I think.
Good afternoon everyone!
WOOW, I'm happy you continuing the discussion, now I feel also safer to go submitting my results!
I'm only operating the Asian session, due to my job.
Yeah when price moves that competitive do not attempt to prevent him.
I did attempt to grab it did cool down, but I dropped that commerce -10, and it did fly up.
You win some you eliminate some.
6 Structure(s) USDJPY
Traded off 1H L1, stop behind L2.
First entry 3 lot, second place after pullback into 1m L1 added 1 lot, third same same however 0.5 lot.
Once I added the second place and failed to breach the daily high, I had to depart.
I destroyed this superb scaling (it had been mega profitable), we must learn from that point.
3lot( 15) 1lot( 1.5) 0.5lot(-3)
Anyway this day gave my account a growth momentum.
To amend my statement. By choosing a consistent goal, and having it preset, I eliminate the human greed factor of maybe it'll go further and I shall make more income. The movies show the experts happy with 10 pips. I choose 8 pips then start a trail of 4. Sometimes I make 4, sometimes I make 20. I concentrate my attention on trade patterns that I believe will get me these 8 pips. The rest is gravy. Results that are budget-able, repeatable. All in my humble view.
Results here: https://www.myfxbook.com/members//fo...-lanes/1481596
I acknowledge I am using a grid for a safety net. But, the trade lanes would be the core of my egy. I really do believe with exercise, it can be removed along with lot dimensions improved.
Just how long have you been trading this method? It seems you understand it very well. I want to make consistent pips, I create and I lose them!
AlphaOmega shared great wisdom on money management, allow me to take few quotes:
A major problem with many traders is they focus way too much about finding very good entry points and nearly ignore the component of busy standing adminiion. Another frequent problem is that the misunderstanding of the association between risk/reward ratios, win rate and probability, and the way everything fits in the context of actual markets (not only in theory).
To make money in this game you have to understand to survive in the long term.
And to survive in the long term ways to plan everything at least a few steps ahead.
To generate money in this game you've got to understand to survive in the long term.
And to survive in the long term ways to plan everything at least a few steps ahead.
You need plan A, plan B, plan C, and first and foremost plan for poor luck! #8203;
A far as I can see, many traders have poor understanding of the basic probability principles and risk-reward relationships in the context of markets. Virtually all books, posts and gurus are preaching at 2:1 or 3:1 RR and say that even if you win only 30-40% of the time it's still possible to make money....and in theory that is true. The question however is ? And 95% of individuals seem to believe - . You find a trend, put in your position, place a goal 3 times larger than your stop and only...
You have to see this kind of passive position management does not work from the context of markets. Placing fixed goal 3 times larger than you cease will typically produce very low win rate (less than 25%).
The farther you put your goal - the lower the probability that the market will attain it. Why is this? Because of the fractal character of markets that the probability over time will decrease progressively, but not linearly (like many men and women presume).
Now let us see the correct approaches to manage rankings.
Your total net profit has to be bigger than your total net loss (Profit factor larger than 1). Somehow you have to make more money on your winning trades(risklt;reward) and at precisely the exact same time keep good winning rate - at least 40 percent and preferably over 50 percent(assuming you have egy with good edge). 1 way (appropriate) to do it is to utilize relatively symmetric cease and goal and to scale (decrease the position) when the market goes against you. Note that symmetric goal does not mean target.
You merely add to winning rankings! NEVER contribute to positions! When the position is moving against you personally - scale (decrease) and if its moving in your favor - add (increase).
When you put in to profitable positions you have to do it in such way that it will not increase the risk. The risk should stay steady. To do this before you add, you have to reduce your stop level.
With this lively way of standing management you put the odds in your favor and even with symmetrical stop and goal you'll get risk-reward ratio better than 1:1.
Also because your greatest risk is restricted with hard (monitoring) cease, and the upside is available (no fixed goal). This way you NEVER lose large, you win BIG and win a lot of the time, and from time to time you get lucky and lose little. ?
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