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How to make every trading week profitable

  • #61
  • Nov 22, 2022 2:30pm Nov 22, 2022 2:30pm
Quoting RiskFighter
Has this thread ended?
i don’t feel like this thread ever needs to end since anyone who benefits from the principles presented here can post their experiences.

Also, as it seems my trading psych has improved to such a great extent it appears I will probably have a 100k funded account by next week. I will have more to post on how the principles presented in this thread helped me achieve that, how I have improved, and plans moving forward…
  • #62
  • Nov 22, 2022 11:02pm Nov 22, 2022 11:02pm
Instead of focusing on trying to generate a profit on each trade, I focused on trying not to lose on each trade. And tried to be consistent in my trading.
  • #63
  • Nov 22, 2022 11:06pm Nov 22, 2022 11:06pm
And did you then profit more?
MetaTrader 4 - so many advantages.
  • #64
  • Nov 22, 2022 11:16pm Nov 22, 2022 11:16pm
My take on being profitable every week:

I find the necessary stop loss of the trade. The traders normally want a R:R of at least 1:1. Normally more like 1:2 or 1:5.
I say 1:0.5. Because even if the trade turns into the opposite direction, it will normally give you this tiny profit.
This way I can rely on having no losses most weeks.
Yes, I miss a lot of pips, because many of my trades would have runned for many pips - but I don't lose. Don't be gready.

I have done this for 2 weeks now. I do profit. Did make 2 loses though.

Of cause I trade different on other accounts.
MetaTrader 4 - so many advantages.
  • #65
  • Nov 23, 2022 2:01am Nov 23, 2022 2:01am
Quoting benaiah
This thread will be for those who feel like they should be successful, but can’t get out of their own way due to lack of self control/patience. It will take time to explain in detail. But if you know how to trade, I can show you how to take 90% of emotions out of the picture. This will allow you to have a clear mind and execute your approach and even improve your trading. More to come…
After losing dozens of accounts I came to same conclusion of having multiple accounts, not having to worry about losing days or weeks. Past 2 months I have been thinking about it.
I wanted to discuss this idea glad you did.
Nor for everyone but specials like me who can't remove themselves front of their way.
on a postive roll...
  • #66
  • Nov 23, 2022 2:15am Nov 23, 2022 2:15am
Quoting Rmg
{quote} After losing dozens of accounts I came to same conclusion of having multiple accounts, not having to worry about losing days or weeks. Past 2 months I have been thinking about it. I wanted to discuss this idea glad you did. Nor for everyone but specials like me who can't remove themselves front of their way.
Welcome! The great thing about it, is that managing more than 1 account can actually help improve your trading, as well as improve your risk management skills.
  • #67
  • Nov 23, 2022 10:12am Nov 23, 2022 10:12am
Continuing my current threads here:
https://www.forexfactory.com/thread/...3#post14232433
  • #68
  • Nov 26, 2022 3:04am Nov 26, 2022 3:04am
Quoting Eelse16
Instead of focusing on trying to generate a profit on each trade, I focused on trying not to lose on each trade. And tried to be consistent in my trading.
That’s the speed; quality is much more important rather than quantity! I believe, one good single trade position is enough here on each week!
  • #69
  • Edited 4:12pm Nov 26, 2022 6:28am | Edited 4:12pm
Quoting Maximilian80
{quote} That’s the speed; quality is much more important rather than quantity! I believe, one good single trade position is enough here on each week!
Quality can be measured in many different ways. Even amongst professionals there are opposing views.

However, the only thing that can be controlled (and control is relative and not absolute) with trading is risk. You cannot control whether you will lose a trade. The market does what it does.

if fewer trades works for you then great. Some days I will take only one or 2 trades, other days I will take more.
  • #70
  • Nov 27, 2022 8:39am Nov 27, 2022 8:39am
Quoting Eelse16
Instead of focusing on trying to generate a profit on each trade, I focused on trying not to lose on each trade. And tried to be consistent in my trading.

It’s a nice approach; actually if we can trade with a small expectation then surely the trading journey would be pressure less!
  • #71
  • Nov 27, 2022 10:38pm Nov 27, 2022 10:38pm
Our approach should be optimistic, and we should be ready for any trading scenarios while maintaining the attitude that it's important to avoid losing.
  • #72
  • Nov 28, 2022 6:42am Nov 28, 2022 6:42am
Quoting jonstewart
{quote} It’s a nice approach; actually if we can trade with a small expectation then surely the trading journey would be pressure less!
Yes, i agree with you on this.
  • #73
  • Nov 28, 2022 6:44am Nov 28, 2022 6:44am
Quoting Maximilian80
{quote} That’s the speed; quality is much more important rather than quantity! I believe, one good single trade position is enough here on each week!
In my opinion it all depends on your ability to trade. If you are looking for quality then, you must trade wisely.
  • #74
  • Nov 30, 2022 2:49am Nov 30, 2022 2:49am
Quoting Eelse16
{quote} Yes, i agree with you on this.

Thank you! Actually, this is from my own experience! I also started with a big expectations and as a result I faced a huge loss!
  • #75
  • Nov 30, 2022 3:07am Nov 30, 2022 3:07am
Yes, I can absolutely relate to you. Losses are part and parcel of trading.
  • #76
  • Dec 2, 2022 2:39am Dec 2, 2022 2:39am
Quoting Eelse16
{quote} In my opinion it all depends on your ability to trade. If you are looking for quality then, you must trade wisely.
Of course, it’s all about the quality or ability! And I see, most of the successful traders are able to wait such a long time for their next trade!
  • #77
  • Dec 3, 2022 2:06am Dec 3, 2022 2:06am
Quoting Maximilian80
{quote} Of course, it’s all about the quality or ability! And I see, most of the successful traders are able to wait such a long time for their next trade!
Rightly said buddy!
  • #78
  • Dec 3, 2022 3:21am Dec 3, 2022 3:21am
I believe that trading more than one account, trading small accounts, and then trying larger accounts, and switching between trading large account and small accounts has helped me engrave proper risk management into my mindset.

at this point I don’t think I even need the small accounts anymore and may just combine them with my large account. The reason I no longer need the small accounts is because if I do have a bad day, like I did this week Thursday when I traded while sick, the next day I simulate trading a smaller account by lowering my risk per trade until I get back on track.

my Goal will be to average 1% gain per day, 5% per week, 20% per month. My trading style with many approaches presents opportunities every day, so with proper risk management this should be attainable and even possible to do better than this

however I do not believe in building or growing an account this way, but will withdraw profits, which is recommended by my prop firm

the account can be increased through their scaling plan and/or combining accounts.
  • #79
  • Jan 8, 2023 6:02am Jan 8, 2023 6:02am
Quoting benaiah
I believe that trading more than one account, trading small accounts, and then trying larger accounts, and switching between trading large account and small accounts has helped me engrave proper risk management into my mindset. at this point I don’t think I even need the small accounts anymore and may just combine them with my large account. The reason I no longer need the small accounts is because if I do have a bad day, like I did this week Thursday when I traded while sick, the next day I simulate trading a smaller account by lowering my risk...
Hi Benaiah

I believe there is still one basic fault with your plan.
You allow a bad trade to run up large losses and then switch accounts when you haven’t fixed your major problem. The trade setup may have been good at entry but turned bad thereafter.
Why would you sit there watching a trade suck up your equity when you should have cut it early for little cost.
If this keeps happening, it proves your trading strategy is still a work in progress- back to demo.
Changing accounts won’t save a bad strategy, only a smarter approach will make you constant wage in the future.
Funded prop accounts is just a stupid way to trade anyway because almost zero traders have survived more than 12 months on any firm going by stats I have seen.
The odds are far better if you trade Futures or Stocks, forex is successful for only a few rare dogs.
Trading thin liquidity at the boundary of the charts
  • #80
  • Jan 8, 2023 6:07am Jan 8, 2023 6:07am
Quoting Eelse16
Instead of focusing on trying to generate a profit on each trade, I focused on trying not to lose on each trade. And tried to be consistent in my trading.
Eventually, the intention is the same! In Forex, traders are making money based on their trading skill instead of their intention!
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