Dislikedi never actually understood why people tend to calculate their profits in pips. You can have positive pips gain at the end of the week and still be down on your balance. all pips are equal only if you take exactly the same position size on every trade. most strategies demand you though to adjust your position size to the stop loss you need depending on different setups, market conditions, volatility and so on. The only really comparable way of calculating profits of different traders/systems/setups/trades per weeks/days/months is the percentage...Ignored
Hmm, I can't speak to your strategy, especially since I am still trying to develop my own. It sounds almost like the way I was approaching things for a while and subsequently wiped out one account. The problem I was having was I was over-leveraged on my losses and under-leveraged on my gains. So even though through most of my live trading I am BE, pip wise, I'm in the hole dollar wise. What I am doing now, is trying to make consistent profits with my strategy, as it is evolving, with pips only. The reason my goals are in pips is that it helps ease off the edge of emotions. My goal is to get to around 100 pips a day. When I consistently reach that goal, then I can play around with leverage more. By doing so, I avoid the feeling of "needing" to make up my losses, as I am not trying to think of those losses in monetary terms. It seems to me to be less personal that way. If I reach my pip goals, the monetary goals will follow.
BTW, I am the epitome of starting small. My first account was only 33 dollars with Oanda. I figured practising live was more useful to learn the psych aspects of trading and my personality. Boy has it been a journey, both fun and painful. Trading has taught me volumes about myself already and all for under a 100 bucks.
therealisttruest (FF wouldn't let me put my full ID because of length)