{quote} I'm taking my demo money seriously as if I'm trading real cash and in millionsI was becoming self destructive, trying to bring back the discipline buddy
good luck !
- #270
- Dec 20, 2017 2:28am Dec 20, 2017 2:28am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
{quote} maybe you're right. so how are you trading now ? I'm thinking about having a goal in pips for the day, and call it a day after I hit my target. Although I have improved in terms of my ability to analyze the charts, I've been putting too much strain on my emotional and physical health by sitting in front of the screen all day from 8AM to 17 or more.
unless you trade only 1 instrument, and only with set same lot size all the time, pips become meaningless.
look at my TE:
This Month -0.6% 79pips
it should be self explanatory.
also negative pip counts should bring positive gains too.
if one thing to remember: your dollars gained ( %gain of your equity) is the thing you can put a hand on, take it to buy things with!!
please let it sink in, pips, unless you trade only 1 instrument, and only with set same lot size all the time, pips become meaningless.!!
that said, i think the best to not have a number set for target. pip or % or $.
the resolution that would be more useful to not take a trade if it isnt really your setup, even if it means a day without trade, or two days. in a trade, trade what there is, and not try to impose a set R:R number.
PS: strains on your emotional and physical health? really?
so what 'job' is great for those?
there is always, always another trade!!
- #272
- Dec 20, 2017 3:02am Dec 20, 2017 3:02am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
not long ago was dax, then nikkei, then yen...
take it as a furure advice, never know what tomorrow brings
scalping or swing trading, the advice has no timeframe or trade frequency.
it merely said: pips are meaningless.
take it as a furure advice, never know what tomorrow brings
scalping or swing trading, the advice has no timeframe or trade frequency.
it merely said: pips are meaningless.
there is always, always another trade!!
- #273
- Dec 20, 2017 4:33am Dec 20, 2017 4:33am
- | Joined Jan 2015 | Status: Trader | 3,404 Posts
not long ago was dax, then nikkei, then yen... take it as a furure advice, never know what tomorrow brings
I just can't seem to settle on anything, journey to inconsistency the irony.
In all seriousness I wonder how you trade grid ? I don't know how it works never really looked into it. Is it more like scaling into trades with multiple smaller lots ?
And on max DD, let's say if I"m aiming for max DD of 5% does it mean that I should maintain my monthly DD below 5% ?
...
- #275
- Dec 20, 2017 4:44am Dec 20, 2017 4:44am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
{quote} haha. I just can't seem to settle on anything, journey to inconsistency the irony. In all seriousness I wonder how you trade grid ? I don't know how it works never really looked into it. Is it more like scaling into trades with multiple smaller lots ? And on max DD, let's say if I"m aiming for max DD of 5% does it mean that I should maintain my monthly DD below 5% ?
i dont use a mechanical open a new trade every 10 pips, or double the trade size every new trade approach.
if your max DD you pick is 5%...that means it never go above 5%...not during the day or week or year. if it does you hit a new max DD%, that is over your targeted one.
how to maintain it?
trade small enough to not hit, and close the trades if you are there.
single - all-in- entry vs. multiple entry:
whatever suits you. each has their pro and contra.
basically if you not trade all your equity betting it at once, why should you have all your trade put on at once?
you can break your 1 lot into 10 entries, and either win smaller or win bigger than your single 1 lot entry, but your improved price average will help to tilt the game a little toward your way.
i could go a bit more into this, but i wont.
someone is/was winning this as mentoring lessons for xmas
there is always, always another trade!!
- #276
- Dec 20, 2017 4:51am Dec 20, 2017 4:51am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
there is always, always another trade!!
- #277
- Dec 20, 2017 4:58am Dec 20, 2017 4:58am
- Joined Sep 2013 | Status: Trader | 1,209 Posts
{image}
This is one major psychological hurdle you must overcome by gaining knowledge and experience with practice. In short, you have not allowed your winning trades to fully run to the target due to fear missing out in a lot more pips that it may not work out and you left the pips already gained on the table.
For EA, set yourself this minimum profit target of 20pips. If you can't convince yourself that the price move 20pips don't take the setup signal. Set this as one of your trading rules.
- #280
- Dec 20, 2017 5:37am Dec 20, 2017 5:37am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
{quote} Grid and relatively low max DD don't mesh that well to me unless you know exactly what you're doing. Otherwise it's going to be more like grid to dead account, which I think is going to be the case for me. The idea of scaling in as the trade progress to your directions sounds very attractive to me. But I think it works like leverage double edged sword. To avoid grid to dead account scenario you would have to move SL to BE for your first position when you open another ? That's how I would have done it, but you don't use SL, so... Take EA...
NOT RANDOM starting point
btw.
i am not saying anything really pro or contra grid or any trading that matter.
take a step back, take a look on your results...if you like what you see, satisfied with the result then you keep doing what you do.
on the other hand, if your results doesnt look good, not in-line with what you want to see and not satisfy you, chances it should have few things changed.
happy you start to understand why pips -as they are- meaningless. especially on TEs. without looking into how they were made. or on what pairs
there is always, always another trade!!