DislikedOf the GBP Pairs, I took this Continuation Trade at previous candle close, since I am leaning on NZD strength. {image} Trade well.Ignored
Thanks,
Best regards.
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DislikedOf the GBP Pairs, I took this Continuation Trade at previous candle close, since I am leaning on NZD strength. {image} Trade well.Ignored
DislikedHi I'm short GBPAUD and GBPNZD also long NZDCAD and NZDUSD. all of them in loss it doesn't look good!Ignored
Disliked{quote} Losses are going to happen - pay them no mind and don't let them rattle you. Keep them to no more than 1R and you will be fine in the long run. Just think of losses as business expenses. No business has a 100% return...there are always bills to be paid out of the revenue. If you have at least 2R wins and only win 40% of your trades you will still be a profitable trader. Out of 100 trades: 40 wins X $2 = $80 60 losses x $1 = $60 $80-$60=$20 We just don't know the order of the wins and losses. Think of it this way. Imagine a jar with 100 marbles...Ignored
Disliked{quote} Losses are going to happen - pay them no mind and don't let them rattle you. Keep them to no more than 1R and you will be fine in the long run. Just think of losses as business expenses. No business has a 100% return...there are always bills to be paid out of the revenue. If you have at least 2R wins and only win 40% of your trades you will still be a profitable trader. Out of 100 trades: 40 wins X $2 = $80 60 losses x $1 = $60 $80-$60=$20 We just don't know the order of the wins and losses. Think of it this way. Imagine a jar with 100 marbles...Ignored
Disliked{quote} Hi guys and thank you for sharing! This works if you have still the same SL & TP for each pair / trade right?Ignored
Disliked{quote} No its the 1:2 risk/reward ratio that makes it all work.Ignored
Disliked{quote} If you don't have fixed SL & TP, the calculation has no sense. Consider that you have 1 loss with 1R = 30pips and 1 win with 2R = 20pips => Even if you had 50% of win trade, you have -10pips loss...Ignored
Disliked{quote} If you don't have fixed SL & TP, the calculation has no sense. Consider that you have 1 loss with 1R = 30pips and 1 win with 2R = 20pips => Even if you had 50% of win trade, you have -10pips loss...Ignored
Disliked{quote} got me thinking now. Surely the SL cant be the same for all pairs?Ignored
Disliked{quote}You can have the same percentage risk for all pairs say for example 5% risk divided into the pips you need it to cover, still 5% risk however many pips you are setting, just the amount of money per pip varies.Ignored
DislikedI don't care for pips. What does a pip matter? Pips don't pay the bills. Matters not to me. I don't trade for pips I trade for dollars - hard, usable, understandable money. I have a set risk of let's say $100. So 1R = $100. The location of my stop can be based on the high/low of the signal candle, the high/low of the entry candle or sometimes a little further out depending on the size of the candle and recent price action (all riskier than RH recommends). My R value never changes - it's always set to less than or equal to $100 (including commission)...Ignored
Disliked{quote}Exactly what we were saying really, as long as the amount of risk is fixed 1:2 R:R will work, varying it all won't. What will you do though as your account size increases, will you increase from $100 to more? Percentages work in exactly the same way.Ignored
Disliked{quote} I may increase it if I feel like it, but I am trading to pay the bills. Not all the money I have available for trading is in my account. I just need enough to cover my margin to take adequate position sizes in order to make enough money to live on. I don't necessarily trade forex to compound the account. I have a global dividend portfolio that I invest in for that purpose.Ignored
Disliked{quote} Then you have found exactly what works for you, and that is how it should be.Ignored
Disliked{quote} Losses are going to happen - pay them no mind and don't let them rattle you. Keep them to no more than 1R and you will be fine in the long run. Just think of losses as business expenses.Ignored
Disliked{quote} It make me feel better when I think of them as shoplifters...LOL.Ignored
Disliked{quote} Hello Please how can i get the currency strength indicator in your chart. Thanks, Best regards.Ignored
DislikedCan anyone tell me where I can download the indicator to manage my trades? Love your transparency everyone. My biggest enemy is discipline in trading. I have to really work on that and cut my losses.Ignored