Dear fellow Traders,
First of all English is not my first language so I apologies up front for any grammar mistakes.
I am having problem with money management strategy at this stage of my trading development. I have already banked thousands of hours of tracing price action on my computers and I begin to see specific patterns and behavior for any given pairs.
Anyway, I have discovered certain pattern with something like 90% of success that it will move in predicted direction. My problem is that it wont last with 1:1 ratio; it will simply die out before reach TP. Currently I am trying to play with 1 lot and as soon as it goes to something of 40% of 1:1 ratio then I am closing 70% of my position, move the stop to breakeven and let that 30% go with trail stop.
It works to some degree but I wonder if you guys could perhaps point me in right direction and tell if there are better ways to handle this trading circumstance.
I began to think that success in trading depends mostly on money management techniques rather that seeing and dealing with patterns etc.
Thanks in advance
First of all English is not my first language so I apologies up front for any grammar mistakes.
I am having problem with money management strategy at this stage of my trading development. I have already banked thousands of hours of tracing price action on my computers and I begin to see specific patterns and behavior for any given pairs.
Anyway, I have discovered certain pattern with something like 90% of success that it will move in predicted direction. My problem is that it wont last with 1:1 ratio; it will simply die out before reach TP. Currently I am trying to play with 1 lot and as soon as it goes to something of 40% of 1:1 ratio then I am closing 70% of my position, move the stop to breakeven and let that 30% go with trail stop.
It works to some degree but I wonder if you guys could perhaps point me in right direction and tell if there are better ways to handle this trading circumstance.
I began to think that success in trading depends mostly on money management techniques rather that seeing and dealing with patterns etc.
Thanks in advance
On the collision course with 90/90/90 rule