{quote} 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...
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I think I will always be a work in progress. No surprise there. At this point in time I’m a completely different trader than I was when I was posting last year. I may share my new approach in time, and what caused the 180 degree change in my approach.
As far as prop firms being stupid due to most failing, that logic is flawed. Most traders fail. Period. It doesn’t matter if trading through prop firm or not.
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.
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Funny thing. When I read this and other comments last year I disagreed. Now I whole heartedly agree.
Picking quality setups and trying not to lose is key to my new approach.
{quote} I think I will always be a work in progress. No surprise there. At this point in time I’m a completely different trader than I was when I was posting last year. I may share my new approach in time, and what caused the 180 degree change in my approach. As far as prop firms being stupid due to most failing, that logic is flawed. Most traders fail. Period. It doesn’t matter if trading through prop firm or not.
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Hi Benaiah
Don’t let forex factory waste your time. Your time is better spend on improving your own strategies in private than arguing with a pack of demo traders here.
Prop firms offer an opportunity for traders to prefect their strategies without a fear of major capital loss.
Better to lose a monthly subscription than loose thousands of your hard earned cash on a failed method.
Good luck with your new methods
Trading thin liquidity at the boundary of the charts
{quote} Funny thing. When I read this and other comments last year I disagreed. Now I whole heartedly agree. Picking quality setups and trying not to lose is key to my new approach.
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Yeah, it's good to know that we both agree on this.
I just started a new robot on a PROP firm. There is a slight possibility, that it will blow the account once i a while. My risk management is therefore to have 3 accounts running with the same robot - but only one active at any time. I then change the active account every evening. This way I am sure, that I will allways have minimum 1 account that is producing money.
Whenever one of the accounts might blow up, then it is fast to get a new one.
Some say trading is about not loosing. I am sure that this is true for many people, but the amount of profit made is more important to me. Especially when loosing is no problem on a PROP account, because I do not loose any money myself. Only thing is, that I must scale my average losses, so that they don't blow the account too often. That is done by normal risk management. I typically set 30 pips of trailing stoploss to 0.5% of the account balance. Then I let the profit run til it his stoploss. This is possible when trading Gold.
So I am using 2 types of risk management here.
Read post #1 !! Then read it again 10 more times before you ask.
As everyone tries to share their vision of a profitable week, then I won't be an exception.
Initially, you have to determine the trading style, whether you are a scalper, position trader or a day trader.
I am a day trader that's why I don't open more than 5 positions per day. My profitable week implies appromixately 5 opened and closed positions per day and some time devoted to chart analysis. I use a specific risk management strategy that includes 1:3 reward/lose ratio. I set sl/tp according to this strategy and actually it helps me to make some profits.
