Dislikedi hope lucky is ok..and placed a stop loss causee this is account blowing moves...even with good mmIgnored
MM is the life of the accounts. Risk managment is the security of trade another day.
You could have 5 losses and 4 wins and still make money with proper management.
I know by experience that my style of trading is 30/70% acurate. Every 10 trades I win 7 of them. But, if I don't have MM / RM no matter the 30/70 because you could win 9 straight trades and lost everythin in the number 10 trade.
(wow this is very complicate to me to explain but let's keep going)
I have a Exel file that let me know how much is going to be my lot size, amount of pips need it for my daily pips (TP) , and my SL. It is simple and very effective.
So been a pattern recognition trader, I know when to enter in a trade and the exit of the trade. I can predict more or less the long of the movement because my patterns have a standard TP and SL. Now, my exits are complex because I trade lots in pairs, Ex. 2,4,6,8,10 and so on. So I Close ½ of my position at certain point and the rest at when price reached the target. I not a robot here, sometimes I have to close the position ½ way of my target or even sonner if nessesary. There is a more complex way of manager an account adding lots, trailing SL, and maybe more that I even don't know.
Now let's do and example:
If 7 out of 10 are good trades, it is very important the TP and SL in combination of the % of winning trades.
Let's said,
SL 20 pips. per trade
TP 30 pips. per trade
3(trades) x 20 pips (SL hitted) = -60 pips
7 (trades) x 30 pips (TP hitted) = +210
210-60= 150 positive is very good.
So MM works perfect to mantain your account for more day = more trades opportunities.
Mental SL are bull shit, because it mean that the treder is not sure about the enter and the exit. They play with mental SL and soon or later, the keep playing in a mental institution when acount are blew. If big guys use MM, SLs, Risk control, and what ever else, WHY WE DON'T DO THE SAME? They are big and sussesfulls because trading plan.
Later I will give you charts samples of how I do it in your in-box. I will do that this weekend with details for your understanding.
Now take care and perseverance, discipline, and patience is the key factor to do all the above.
Carrera
Sorry if I made any mistake writing.