Highest Open / Lowest Open Trade

Quoting TooSlow

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{quote} What are you scared of exactly? Losing? Being wrong? {image}

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Quoting Malkolm

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{quote} Exactly, buddy I'm afraid that 1 bad trade at -20 will override the profit from the previous 2-3 "slices of the pie" +5 Tell me, should I dismiss these thoughts and act on the plan or look for a way to exit with minimal losses?

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Quoting TooSlow

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{quote} What causes you to have a 20 pip stop loss? What is your money management system? How much are you willing to lose per trade? Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.

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Quoting Malkolm

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{quote} The trading system makes me put a stop-loss of 20 pips (if there are 20 pips between high/low and maximum/minimum of the price open H1). I will be honest - maybe it is greed and desire to take EVERY trade But I am not ready to lose so much, RR is not on my side. I am ready to lose no more than 2 risks per trade (10 points) to make the system work like clockwork on a long distance even in the period of drawdown. In this case, I should not take the trade and wait for the next one, right?

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Quoting TooSlow

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{quote} What is your money management system? It should be separate from your trading strategy and tactics.

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Quoting Malkolm

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{quote} I agree, TooSlow What I have today on money management: 1) Entry no more than 2% of capital 2) Quick transfer to breakeven point 3) Fixation in +5 (price is more likely to pass +5 than +20) As for me, this is very little. I don't have conditions where I would lock in a loss. You, as a fisherman, have shown where to fish. A lot of fish. Told how to choose a rod, what gear is needed, brought to fishy places. Then it depends on the fisherman whether he catches something here or is left with nothing. In this case, I will continue to practice...

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Quoting TooSlow

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{quote} And what is your risk management system? Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.

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Quoting Malkolm

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{quote} Honestly, I'm stumped because.... I don't know how to answer that question. The only thing that comes to mind is: 1) If I have a loss in a given hour, I don't trade that candle anymore Thanks for asking this question, what should I have added/developed in my risk management?

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Quoting TooSlow

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{quote} How much money in dollars or as a percentage of your account are you willing to lose on a trade or group of trades? Example: You have a $1,000 account. You may be willing to lose $20 on a trade. You trade 1 mini lot and price goes against you 10 pips and you are down $10. You decide to enter a second trade. If price moves against you another 5 pips, you are stopped out with a loss of $20. This is independent of the method you are using. Once you enter a trade, the entry method no longer matters. You are now managing money/risk until you...

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Quoting TooSlow

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{image} Chart with ATR LINES indicator. It mapped where price could possibly exhaust its range. Some indicators are tools to help you see. One you learn to see, you no longer need them. It becomes acquired knowledge. The indicator used to plot the HOLO lines displays the current daily range, the Daily ATR and the Range/ATR. Have you been using this information in your trading? {image}

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Quoting Malkolm

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{quote} I see your point, yes, I agree. I'm really willing to lose no more than 2% on each trade (just an example of $20 off $1000). I always take that into account, I guess that's why the question confused me. I didn't understand only 1 point: why if I am willing to lose no more than $20 per trade (conditionally), then my loss will be recorded at -10 pips (-10$) and not -20 pips (-20$)? Wouldn't this be a 2-fold reduction of the stop loss?

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Quoting TooSlow

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{image} Chart with ATR LINES indicator. It mapped where price could possibly exhaust its range. Some indicators are tools to help you see. One you learn to see, you no longer need them. It becomes acquired knowledge. The indicator used to plot the HOLO lines displays the current daily range, the Daily ATR and the Range/ATR. Have you been using this information in your trading? {image}

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Quoting Malkolm

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{quote} Thanks, buddy. Could you please tell me if the indicator has selected ATR values for 3 days and 9 days respectively? If yes, why are they chosen? Is there some statistical background in this? {image}

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