When do you "know" to take a loss? I hope you don't mind my probing.
Random entry proves strength of money management. 18 replies
Scripts for Limit entry, Stop entry, Market entry 46 replies
Is random really random? 231 replies
MTS Vs Random Entry - A Paradox 6 replies
van tharp's random entry system 10 replies
DislikedWhen do you "know" to take a loss? I hope you don't mind my probing.Ignored
Dislikednewyear498
Hope you dont mind me saying but taking one trade a day is going to take a very long time to build a big enough sample size to prove much about random entries or you trade management,exits,etc.Only my opinion by the way.Ignored
DislikedThis concept is novel as compared to most threads on this site. I understand that you want to study price action and practice discipline (with regards to trade management). However, this excercise will not teach you most of what you will need to know in order to succeed. You may agree that this is just working on improving one aspect, just like a golfer practices putting, but still needs to develop Driving and iron shots. Risk management is important. So is time management. Good luck and keep up the good journey!Ignored
DislikedI'm in it.. I basically took this bastard with no preparation like I would have wanted..
I got 2% risk on this trade if it hits my stop at 133.35Ignored
DislikedTook a look at the image but,
I'm sorry I missed what you were trying to show?
Care to explain?
ThanksIgnored
DislikedNothing, maybe it's irrelevant.
I kinda got into the habit of giving own opinion when see blank chart in RD or TD.
Pure random entries, right?Ignored
DislikedHit my stop at 133.73
Thats where I determined if it returned to then a down movement may result
I may be right I may be wrong, price might go up and it might go down.. its irrelevant I did the best I could
Results:
Total Profit of 0.4%
Final thoughts.. I felt this was an extremely risky trade to make and thought I was going to have to settle for a small loss.. However conditions felt promising as time progressed and I was fortunate enough that pull in a small profit.
Positive Criticism welcome,
NYIgnored
DislikedTrade for June 1st
1. GBP/NZD (that a major?)
2. 9am EST
3. Short
4. Check out the higher timeframes to get a feel for where the flow is going and adjust your risk accordingly. Some random trades will be riskier than others.Ignored
DislikedI would definitely say thats not a major.. but even gbp/jpy is consider slightly outta the loop so what the hell
try to get closer to the majors in the future tho
stops at 1.9992
entry 1.9902
2% risk..
looks like a relatively easy trade.. market definitely says down IMHO.. so that means I'm going to totally fuck up now that I think I got this ROFLIgnored
DislikedHi NewYear,
I am concerned about what you are trying to achieve, or more to the point, what you are going to do to your trading, with this random trading approach you are doing. It is not unusual for a trader to spend thousands of hours studying one single pair before being really capable of trading that pair. Jumping around from pair to pair will not test your trading skills, at least, the ones that will make you money. The pair today is a good example: you were not able to set a proper stop because you do not know the average trading range, average...Ignored