BHoliday, So you start over at 1% after you TP? or reset on next day even if no TP?
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DislikedI came up with this approach...because i really hate to see my account take big hits...i lost a ton of money already in forex...and lets face it...the odds are against us...so i prefer a more conservative approach...(the tortise vs the hare).
I would rather consistently make small profit...(on weeks where others are losing) than try to hit homeruns...
As my account grows...i can increase lot sizes...keeping the same principles in place...and over time...my profits will also be very substantial...
One of the main concepts in successful investing is preservation of capital...I feel it is the most important part of the game...because as long as i have money...i still have the opportunity to make it grow...slowly but surely...
Nobody knows what will happen in the market...so i prefer to play it a little safer...and give myself a little statistical edge...
Perhaps risking 3 percent of your account per trade will turn out to be more profitable over time...but i like to know i have a cushion...when things don't go as planned...
Thanks for the good question.Ignored
DislikedBHoliday, So you start over at 1% after you TP? or reset on next day even if no TP?Ignored
DislikedSeems like there is a lot of confusion about my post (623)....I will try to make it more understandable.
What is the likely hood of 6 stop outs before a 100 pip gain? Possible...but not likely...but either way...you will still be ahead starting light...and following the strategy outlined in post 623...
Hope this makes sense...Ignored
Dislikeddo you mean 2 losses a day for 7 days,
also would i be right in thinking we would not have many profitable trading days,
maybe 1 or two days in the week max??Ignored
Disliked7 max means you will only get 7 or less losers one after the other not more than 7. I think its pretty self explanatory. Most of the time you will get less (average was 2)
A weak spot I could find is: what would you do if you get a small winning trade, would you continue doubling or start over?Ignored
DislikedI would really like to enter short on GBP/JPY... however, my brokers spread is off the chart. 20pips. I'm not sure what the reason for this is?
Anyone else?
I entered anyway.... currently +6pips. SHOULD be closer to +30pips.
Mondays.... sigh.
UPDATE:
Came right. still confused. Next monday I'll just send my broker a personal check!Ignored
DislikedOnly doing GBPJPY. Got in at 237.68. A bit over 20 pips in my favor at the moment. Hopefully this keeps going down the gutter.Ignored
Dislikedtrades for Monday:
- g-u: long @ 1.9635, SL @ -40 pips, TP @ +50 pips (i have a hunch it won't pass beyond 1.9700, if even go there - FOR NOW). i will NOT place a reverse at SL, because 1.9595 seems to be a delicate area. just wait for more clues before placing a short or a long around 1.9595.
- g-y: short @ 237.65, SL @ -50 pips, TP @ +100 pipsIgnored
Dislikedg/u has not shown much movement, is it time to enter in G/u as it is in the range of TK`s daily scalping,Ignored