I trade this system differently to most, it depends on what you want from this system.
If you trade the system strictly as per the rules then, as most people will realise you will have a good deal of losses, a good deal of BE and very few winners. But over the course of a period of a month or so the expectation is that the few winners will pay for the BE and losing trades.
However, statistically the time between winners may be very long so you need to factor this into your money management and also have the ability to be patient and disciplined and accept long periods of losers.
Personally I'm not looking to trade the system like this as I'm not fussed about shooting for the moon on every trade, I'd prefer to gain more regular but smaller winners. What I do is as follows:
1. Enter as per rules with lets say 1% risk.
2. I'll move to 0SL as per usual.
3. I'll take half off the table 5R i.e. 10pips profit.
4. I'll leave the other half to try and catch a runner - managing the trade by using higher frame S/R - if price is moving accordingly I can also use this initial entry to pyramid further positions in - yesterday would have been a great day for doing this, unfortunately we didn't get an entry in the right direction.
Remember 140 pips is an arbitrary number, there is not much science behind the number, just by looking at what is happening overall on EU and higher time frame S/R levels you could easily obtain a more 'scientific' realistic target i.e. trading by what the chart that day tells you rather than using a random number a target.
This way I should achieve more regular winners and a more consistent win rate which fits with what I want to achieve out of this system.
If you trade the system strictly as per the rules then, as most people will realise you will have a good deal of losses, a good deal of BE and very few winners. But over the course of a period of a month or so the expectation is that the few winners will pay for the BE and losing trades.
However, statistically the time between winners may be very long so you need to factor this into your money management and also have the ability to be patient and disciplined and accept long periods of losers.
Personally I'm not looking to trade the system like this as I'm not fussed about shooting for the moon on every trade, I'd prefer to gain more regular but smaller winners. What I do is as follows:
1. Enter as per rules with lets say 1% risk.
2. I'll move to 0SL as per usual.
3. I'll take half off the table 5R i.e. 10pips profit.
4. I'll leave the other half to try and catch a runner - managing the trade by using higher frame S/R - if price is moving accordingly I can also use this initial entry to pyramid further positions in - yesterday would have been a great day for doing this, unfortunately we didn't get an entry in the right direction.
Remember 140 pips is an arbitrary number, there is not much science behind the number, just by looking at what is happening overall on EU and higher time frame S/R levels you could easily obtain a more 'scientific' realistic target i.e. trading by what the chart that day tells you rather than using a random number a target.
This way I should achieve more regular winners and a more consistent win rate which fits with what I want to achieve out of this system.