{quote} Ridddle me this, if I position size a trade to lose 1% at 20 pips and another trade position size to lose 1% at 100 pips which trade has the most financial RISK ?
Hope for the best, prepare for the worst.
- #101,782
- Jul 13, 2017 11:57pm Jul 13, 2017 11:57pm
Rule #1 to successful trading - Good Risk Management. Don't over leverage on your position sizing.
#2 - Stay away from trading forums. Why? Because reading the opinions of others may affect your trading decisions.
Example: You feel that AU is bullish, while others felt it is bearish. The herd mentality in human beings set in and u will tend to follow the herd. Human nature.
#3 - Don't count the pips and profits, take what the markets are willing to give you. . If you are always aiming for $500 bucks a day, if you do not earn $500 bucks for that day, how would u feel? Disappointment?
Look, the market is the boss. No one tells the boss what to do (an inflexible one). Hence if the market (boss) is only willing to give u this amount of pips/ profits for today, don't ask for more and you will trade well because you won't have a sense of disappointment running inside you. Trading is for the long term, you can't always carry negative thoughts and feelings inside which inevitably affects your trading decisions and outcomes too.
Just my humble opinion, there is no wrong or right in trading. Everyone has a common goal over here --> to be profitable.
Opinions can differ but traders can still be profitable because everyone has a different trading style. I could be a bear with a long term horizon target of .75 while you could be a bull for a short term horizon of .7750, both are still winners at the end of the day.
Trade safe and have a great weekend ahead with your family and love ones
#2 - Stay away from trading forums. Why? Because reading the opinions of others may affect your trading decisions.
Example: You feel that AU is bullish, while others felt it is bearish. The herd mentality in human beings set in and u will tend to follow the herd. Human nature.
#3 - Don't count the pips and profits, take what the markets are willing to give you. . If you are always aiming for $500 bucks a day, if you do not earn $500 bucks for that day, how would u feel? Disappointment?
Look, the market is the boss. No one tells the boss what to do (an inflexible one). Hence if the market (boss) is only willing to give u this amount of pips/ profits for today, don't ask for more and you will trade well because you won't have a sense of disappointment running inside you. Trading is for the long term, you can't always carry negative thoughts and feelings inside which inevitably affects your trading decisions and outcomes too.
Just my humble opinion, there is no wrong or right in trading. Everyone has a common goal over here --> to be profitable.
Opinions can differ but traders can still be profitable because everyone has a different trading style. I could be a bear with a long term horizon target of .75 while you could be a bull for a short term horizon of .7750, both are still winners at the end of the day.
Trade safe and have a great weekend ahead with your family and love ones
- #101,783
- Jul 14, 2017 12:14am Jul 14, 2017 12:14am
- Joined Jan 2016 | Status: Contrarian Trader | 846 Posts
Rule #1 to successful trading - Good Risk Management. Don't over leverage on your position sizing. #2 - Stay away from trading forums. Why? Because reading the opinions of others may affect your trading decisions. Example: You feel that AU is bullish, while others felt it is bearish. The herd mentality in human beings set in and u will tend to follow the herd. Human nature. #3 - Don't count the pips and profits, take what the markets are willing to give you. . If you are always aiming for $500 bucks a day, if you do not earn $500 bucks for that...
Markets are Irrational
Rule #1 to successful trading - Good Risk Management. Don't over leverage on your position sizing. #2 - Stay away from trading forums. Why? Because reading the opinions of others may affect your trading decisions. Example: You feel that AU is bullish, while others felt it is bearish. The herd mentality in human beings set in and u will tend to follow the herd. Human nature. #3 - Don't count the pips and profits, take what the markets are willing to give you. . If you are always aiming for $500 bucks a day, if you do not earn $500 bucks for that...
Hope for the best, prepare for the worst.
- #101,789
- Jul 14, 2017 6:16am Jul 14, 2017 6:16am
Interesting formation on the 5 minute chart. Ascending triangle again 
. Likely to break upwards, but could also turn out to be a false breakout and slide downwards. SL's are tight and just outside the triangle.
. Likely to break upwards, but could also turn out to be a false breakout and slide downwards. SL's are tight and just outside the triangle.
- #101,797
- Jul 14, 2017 8:08am Jul 14, 2017 8:08am
- Joined Apr 2017 | Status: trying to make money | 3,341 Posts
Don't Worry Be Happy
- #101,800
- Jul 14, 2017 8:31am Jul 14, 2017 8:31am
[quote=ArslanHyder;10086180]
I saw it was bouncing off the side of the ascending triangle, so decided to play it both ways 
. So got into a long position too, along with the short. The red lines were the stop losses for each opposite position. The idea was, it would be a big move and hopefully no indecision from the market side. So whichever side I end on, should give me enough pips. The short got closed but I let the long run .
Nice finish to the week!
{quote} atleast 78700
. So got into a long position too, along with the short. The red lines were the stop losses for each opposite position. The idea was, it would be a big move and hopefully no indecision from the market side. So whichever side I end on, should give me enough pips. The short got closed but I let the long run .Nice finish to the week!
