EURAUD Worker - BASIC PASR
Private Msgs are turned off to weirdos, loafs and brain drainers
Strat's PASR Long Term, Stress Free Trading
RR & Risk
Since there have been a couple of questions on risk and RR theory, this is what I do:
See this latest loss. My entry has a fairly high "initial" SL of 25 pips. This is worse case scenerio and I'm looking to keep it moving.
So I don't get the breakthough after the reload on my first trades. I can close at a small profit, BE or keep scouting for the move.
I move my SL to where I will see when the trade is wrong. So it ends up been -6 pips which is ok with me.
This theory of RR further confuses when you factor in multiple entries and moving stops as I see the market developing. Because of this I don't bother with RR and gave up on it along time ago.
Although I think it is perfectly valid for Basic PASR set ups but you need to know your stats and probability of your set ups. Most of my BASIC PASR are 1 to 1 or 1.5 to 1 but then I might also add in on smaller TF if I see a high probability set up. So once again I can't see how RR can help me? For me it's a complete fallacy and why most automated trading fails (or will long term) why mechanical systems fail, why grid and martingales fail (eventually).
IF THE TRADE IS WRONG GET OUT.
PROTECT YOUR CAPITAL.
Since there have been a couple of questions on risk and RR theory, this is what I do:
See this latest loss. My entry has a fairly high "initial" SL of 25 pips. This is worse case scenerio and I'm looking to keep it moving.
So I don't get the breakthough after the reload on my first trades. I can close at a small profit, BE or keep scouting for the move.
I move my SL to where I will see when the trade is wrong. So it ends up been -6 pips which is ok with me.
This theory of RR further confuses when you factor in multiple entries and moving stops as I see the market developing. Because of this I don't bother with RR and gave up on it along time ago.
Although I think it is perfectly valid for Basic PASR set ups but you need to know your stats and probability of your set ups. Most of my BASIC PASR are 1 to 1 or 1.5 to 1 but then I might also add in on smaller TF if I see a high probability set up. So once again I can't see how RR can help me? For me it's a complete fallacy and why most automated trading fails (or will long term) why mechanical systems fail, why grid and martingales fail (eventually).
IF THE TRADE IS WRONG GET OUT.
PROTECT YOUR CAPITAL.
Private Msgs are turned off to weirdos, loafs and brain drainers
One break even and two losses. I'm done for today. Especially after missing yesterday's move when it was so clear. EDIT; Last chart. About 20 minutes later and that last trade would've hit my TP. Further edit: And dropped well past it with no retracement. {image} {image} {image} {image}
1. entry fine, why did you not close at least partial profit at shooting star 3 candles later? You would be in green
2. I totally do not understand this entry and make no sense to me, which PA after retarecement lead you enter again to long? Price not made new high and overall
candles are bad, do you see inside candles and then PRICE closed below these you should get out (not even open trade at first place)
3. This entry was totally bad. I am sorry that I have to tell it to you please take it as help. it is not shooting star mate. It is choppy candles that have no momentum only going up and down without any direction, how could you think that this is shooting star? Oh gosh.
Please compare it to your missed entry from day before yesterday I guess? (your missed entry) Do you see difference between these poor entries and missed very good opportunity? These losses from today are not because of PA... At the end you should end up in small profit after this session... Take care mate.
MH
