Ok not so revolutionary and not as bad as I thought, at least you're adding to winners as well, and using a stop loss. The whole thing isn't actually a million miles away from more traditional methods of trade and risk management albeit slightly convoluted and dare I say it less productive!
Right, so now it's only a matter of how successful someone aspires to be, some people are happy for a while just not to be losing any more. Who knows, six or twelve months on from here once that novelty has worn off you'll tighten the whole...Ignored
Hi Pipmutt, thanks for the reply earlier although now the post has been removed for some reason, I can relate exactly to what you were saying.
You mention that most still have a stoploss of some description or other.
I use a pending order ( again its been done to death) however I do use a stoploss but only for money management calculations, but not for closing a trade.
If my method gives me the signal to trade I use a money management spreadsheet to work out lot size.
Nothing new in that, however the s/l figure has to be inputted into the calculator to get the lotsize, I place a pending order though not a s/l after taking the trade.
If another trade on a fresh pair comes in with the first trade still running, for lotsize calculation I input the first trade into my spreadsheet as though it was a loss.
The spreadsheet then number crunch's a lower lotsize so reducing the risk for the new trade whilst allowing the original to run.
If trade 1 then hits T/P I can choose to add to the 2nd trade at a suitable position or place normal lot size for trade 3 and so on.