{quote} Not sure what you mean by that
Billytt Die happy trading e/j daily breakout
- #58,983
- Jul 20, 2021 4:11am Jul 20, 2021 4:11am
{quote} Hi soccer. I donīt drink tea, i am no brit. But maybe some wine, beer, coffe, water, whiskey instead
Onwards and upwards...
- #58,985
- Jul 20, 2021 4:57am Jul 20, 2021 4:57am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
UK100 poised and ready...well, as poised and ready as it ever is, lol. Ah, the days of riding The Monster... Anyway, in the meantime, horses for courses...see anything, Claudia? I have three races to trade out of a pretty rubbish day but also three decent Each-Ways... 1:00 Wolv This One's For Fred 3:55 Wolv Raabeh 5:15 Ffos Las Fard
There we go...
UK100 1-min Kijun-sen +8.5 +10.3 +11 [+29.8]
- #58,987
- Jul 20, 2021 5:34am Jul 20, 2021 5:34am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Back to the Z-Line...
- #58,989
- Jul 20, 2021 6:20am Jul 20, 2021 6:20am
- Joined Aug 2010 | Status: absolute beginner | 5,463 Posts
trading is like dancing, don't think and just listen to the music!
- #58,990
- Jul 20, 2021 6:49am Jul 20, 2021 6:49am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
{quote} Haven't been watching horses - managed 9 days in hospital with a gastro issue. Not good but food there isn't actually bad. Had an endoscopy which is not nice. Will have a look at horses. Cleared 1k yesterday on GU - must be hospital food lol !
every Saint has a past. Every Sinner has a Future
- #58,991
- Jul 20, 2021 7:02am Jul 20, 2021 7:02am
- Joined Apr 2013 | Status: Trader | 10,297 Posts
{quote} When you are up and about treat yourself to something nice and enjoy the sunshine. I would suggest Pimms and chocolates but I fear others would frown on such suggestions
- #58,995
- Jul 20, 2021 8:42am Jul 20, 2021 8:42am
- | Joined May 2009 | Status: lost in the void | 2,977 Posts
{quote} Oh i'm okay now. Just got a glass of chardonnay - bit early but what the hell. Chocolate is a good idea.
- #58,996
- Jul 20, 2021 9:58am Jul 20, 2021 9:58am
- | Joined May 2009 | Status: lost in the void | 2,977 Posts
{quote} It all depends, everything is relative. This comes down to basic maths though.. How much is one pip worth, how many pips does that pair move over on average over a certain period of time and what is the cost of trading that 1 pip (spread, commissions, slippage). How does 1 pip on GU equate to 1 pip on EU?
What i tried to say is, if you have a bigger expected daily range of price movement in terms of pips/percentage, it might give more chance to benefit from it.
Like said i do not need to make a lot of pips/percentages. I would be just happy averaging some small amount but then in some more clear structed and more consistent way and therefor giving more monetary value to one Pip.
However i have no idea at the moment of what to do anymore. I haven't executed a trade on the BillyBar setup for almost 4 weeks now because i canīt find out how to deal with these losses. This situation so far really ruined all my confidence i though to have left.
Keep scalping me out of these fails in gambling style or using martin gale without a clear cut/stop/plan is definitely no long term option for me. I must have been lucky so far to get away with that and my account still not wiped out. I even made some good profits but thats just nothing compared to what i would need to do.
Based on a pure risk/reward set and forget kind of approach this is not going to work out either. I tested a lot of different sized profit targets like increased from the 5 Pips backed by good statistics to 10,20,30,40... Pips or not even using a fixed profit target and stay in the position until NY opens or similar tactics. The results has been always that the losses will pretty much eat up all the wins and if not then brokerage fees would do its best to do so.
Looking at today's example. Yes, it worked out even after the first break reaching to the 5 Pips profit target. However the drawdown was almost -20 Pips in the meantime before going there (4 times as much). It would have meant a -$2k drawdown. Let's say i want to make a modest life from trading this one setup/strategy, doing a 5 Pips a day or a 100 Pips a month. I would at min. need to trade $100/Pip (10 lots) each entry. If you are self employed here and have to pay taxes and so on it actually should be at least twice than that, so you will survive without having to eat Pasta every time. Working full time as an employee otherwise in some decent company that is what you will get paid the "easy way" too. So nothing really special.
Now i don't have a problem with trading "bigger" size than the average retail trader does (1 lots). What i do have a problem with is not knowing of what to do if that trade hits the stop loss (opposite end of the range in case of the BillyBar) and i am then locked or stopped without even knowing of what to do next to recover from it. I do not fear having losses. It is all part of the business. But not knowing of how to further deal with them in terms of what to do next, is no business case in any business and if you treat trading as a business i guess that should be no different.
