So like most I am trying to find an edge. Something that gives me 60%+ accuracy in win:loss ratios but also moves either way a few hundred pips at a time. Mostly!
So in anticipation for finding that, I am now thinking about how to maximise the return when I get it right! I have my stops under control but really want to milk the winners.
Any one got ideas on how to milk good positions to really make a difference.
A few months back I met a guy making $10000+ per month trading a few minutes a day. I was still fairly new and did not want to copy what he did so I did not ask. He did say one thing that I dismissed at the time but now I wish I had asked about. When he gets a 200pip winner he gets at least 2.5x the pips out of it. ie he gets 500pips out of that move. I just thought his position was more than 1 standard lot but now I am thinking he must enter additional positions at various stages of the move, say an additional position every +50p or something.
Any one got any ideas?
So in anticipation for finding that, I am now thinking about how to maximise the return when I get it right! I have my stops under control but really want to milk the winners.
Any one got ideas on how to milk good positions to really make a difference.
A few months back I met a guy making $10000+ per month trading a few minutes a day. I was still fairly new and did not want to copy what he did so I did not ask. He did say one thing that I dismissed at the time but now I wish I had asked about. When he gets a 200pip winner he gets at least 2.5x the pips out of it. ie he gets 500pips out of that move. I just thought his position was more than 1 standard lot but now I am thinking he must enter additional positions at various stages of the move, say an additional position every +50p or something.
Any one got any ideas?
Winners add to winning trades!