DislikedTrading and chess... Anyone see any similarities?
I play as barneydunn (my husbands account ) at chessworld.net
I'd love to give someone a game?Ignored
I bet there are some good chess players on this forum.
Silent room 2 replies
Silent Success of Patience 10 replies
My silent journal 4 replies
bo7a method... method for GBP/JPY 205 replies
Seeing Through the Silent Crash 4 replies
DislikedTrading and chess... Anyone see any similarities?
I play as barneydunn (my husbands account ) at chessworld.net
I'd love to give someone a game?Ignored
DislikedYes, I could start very small-low risk and just add as it went along. See? My short term mentality could have clipped me. That's why I like running these things by others. I still wouldn't go abouve half a lot because I plan on having something else on the burner.
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DislikedYes but it's great to have multiple positions open on a trend, all at break even or better
Maybe you should cut back your position sizes to a very small amount until you get the system completely. Once you have learnt to trade the system with a quarter or tenth of a lot then you can gradually increase the position size.
If you're nervous about leaving a trade open or feel the need to get to break even too soon you're going to cut positions short when you should be allowing them to run.
As CW often says, your first 400 or 500 pip trade will...Ignored
DislikedYou are 100% correct about the position size, I'm not very familiar with this pairs movement but will look into atr to help me move my stop. Getting in a hurry to move the stop is something bleeding over from intraday! lol I usually run a stop of 15 and move it when I get 20 when I want to catch 30 or 40. I try to make sure I can lock in 10 at least. It is a very chaotic world in these low time frames and I would like to eventually be at the point where I could place a trade and check it in a day or so.Ignored
DislikedIt takes a while to learn to let go. Part of that is the amount you're risking being low enough for you to not miss it if it was gone.
Cw gave me an idea the other day for how to seperate mentally between my two methods, long term and day trading. His advice was to open two seperate accounts. Maybe it would help you to use your existing account for whatever day trading you still do and have a second account with a minimum deposit to start with for the longer term trading. That way you are not looking at your longer term positions every time...Ignored
DislikedIt is a very chaotic world in these low time frames and I would like to eventually be at the point where I could place a trade and check it in a day or so.Ignored
DislikedI'm curious, can you think of a reason why AUDNZD is "all over the place"?Ignored
DislikedNot trading related at all, but if any of you ever get a chance to see Cirque du Soleil in person - do it. Amazing show it was. (They are doing Saltimbanco here in Columbus this week.)
ChrisIgnored
DislikedTrading and chess... Anyone see any similarities?
I play as barneydunn (my husbands account ) at chessworld.net
I'd love to give someone a game?Ignored
DislikedI'm curious, can you think of a reason why AUDNZD is "all over the place"?Ignored
Dislikedwe are pretty much the one country..
just imagine what a chart of say English pound vs Scottish dollar (I know not real currencies) would look like...Ignored
DislikedLike Nike told us for years, "Just Do It!"
Nobody makes you trade a certain way, except yourself.Ignored
DislikedNol has a point though, it shouldn't be your stop loss that changes it should be your position size.
I wouldn't want to risk more than about 0.5 to 1% of my account on that trade. It could give you back 2 to 5% so it's good risk/reward. It doesn't matter how much the money is, it's a % of my account that I'd be willing to lose.
To clarify, what I meant was that if it breaks significantly higher on the open then I'd be looking to get out pretty quick. 100 pips is about right.
Hope I've made my bit of this clear.
HIgnored
DislikedHi
Shouldn't your proven win ratio have some bearing upon your individual trade risk? Otherwise, the trader with a win ratio of 70% will risk the same account drawdown as the trader with a 40% win ratio.
Which, at first glance, seems a little 'one size fits all'.Ignored
DislikedNo problem.
Yes, I use Interactive Brokers. I think 20k is good enough for stocks certainly. As for futures, it's still a touch thin in my opinion. You could trade something like 1 contract at a time. To be honest, I would start with stocks, and options, then move to futures once you are comfortable.
What's beautiful about this account is you can add on as you go along. You are not going to outgrow it.
As for charting, I use MT4 demo for forex, and use Ninja Trader for stocks. IB's charts are horrible visually. However, I have seen a sneak peek...Ignored