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Highest Open / Lowest Open Trade

  • #18,441
  • Dec 13, 2024 7:57am Dec 13, 2024 7:57am
Quoting Malkolm
{quote} thanks for your help! If I understand you correctly, then of course my trade will have the same number of dollars per trade - that at 5 pips I risk 10 dollars (conditionally), that at 14 pips the risk is also 10 dollars (conditionally) but I don't know how I can improve my MM and RR ratio?
For example, with a stop loss of 5 pips, the loss is 1% ($10). With a stop loss of 15 pips, the loss is 1% ($10). 3 times smaller bet in the second case! Almost everyone is concerned with how much they will win, and few are concerned with how much they can lose. MM is the key
  • #18,442
  • Dec 13, 2024 8:40am Dec 13, 2024 8:40am
Quoting Malkolm
{quote} thanks for your help! If I understand you correctly, then of course my trade will have the same number of dollars per trade - that at 5 pips I risk 10 dollars (conditionally), that at 14 pips the risk is also 10 dollars (conditionally) but I don't know how I can improve my MM and RR ratio?
This question is for TooSlow, I am sorry to explain my little understanding of Money Management.

Before you place a trade position, how much capital do you have?
Let's say your capital is $1,000.
Out of your $1,000, how much do you want to risk in each trade?
If you risk 2% of your $1,000, it means that if the price goes against you, you will lose $1,000 x 0.02 = $20.
When you see a setup, calculate the stop loss pips from your entry.
If your stop loss is 14 pips, that means your lot size will be 0.1.
If the position goes against you, it will be 0.1 x 14 pips = 1.4 x 10 = $14. It is for USD Pairs like GBPUSD, EURUSD etc.
Your stop loss determines your lot size.
I believe this will help you.
  • #18,443
  • Dec 13, 2024 8:46am Dec 13, 2024 8:46am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,444
  • Dec 13, 2024 8:50am Dec 13, 2024 8:50am
Waiting
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  • #18,445
  • Dec 13, 2024 8:52am Dec 13, 2024 8:52am
Quoting Igumapips
{quote} This question is for TooSlow, I am sorry to explain my little understanding of Money Management. Before you place a trade position, how much capital do you have? Let's say your capital is $1,000. Out of your $1,000, how much do you want to risk in each trade? If you risk 2% of your $1,000, it means that if the price goes against you, you will lose $1,000 x 0.02 = $20. When you see a setup, calculate the stop loss pips from your entry. If your stop loss is 14 pips, that means your lot size will be 0.1. If the position goes against you, it...
That's one way to look at it. There are other ways...

Risk and lot size can determine your stop loss placement. While trading, I personally do not recalculate lot size for each trade. Risk and money management are separate from the chart.

Find what works best for you.

Cheers!

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,446
  • Dec 13, 2024 9:08am Dec 13, 2024 9:08am
Quoting Malkolm
{quote} Hi TooSlow! Good example of a trade where I would have gotten a loss of -14 pips. Is there anything to get out of the trade earlier to reduce the stop loss?
Exit the trade earlier.

To many, that may sound trite. It is also a very serious answer. Money management and risk management do not have anything to do with what is happening on the chart. So many traders make it part of their trading method. Perhaps that is a reason why so many traders lose.

When the chart says the stop loss is at X but that means you would lose more than what your risk management says to lose. Exit the trade BEFORE the chart stop loss.

Cheers, Mate!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,447
  • Dec 13, 2024 9:10am Dec 13, 2024 9:10am
Quoting Jannah02
Waiting {image}
Can one still take the trade?
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  • #18,448
  • Dec 13, 2024 9:12am Dec 13, 2024 9:12am
Quoting Igumapips
{quote} Can one still take the trade? {image}
I think so because no red candle has actually opened in the zone yet going downwards
  • #18,449
  • Dec 13, 2024 9:13am Dec 13, 2024 9:13am
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"That trade didn't follow the rules!"...

No, it did not follow the rules. The market does not follow my rules. As a trader, one must follow the market to be successful.

Price entered the area of interest. From there, price will most likely leave the area of interest. Just do not know what way it will leave. Calculated risk to take the short at 153.625. The trade could have been stopped out.


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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,450
  • Dec 13, 2024 9:23am Dec 13, 2024 9:23am
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Yes, another rule breaker short at the 153.625.

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Price is bouncing off its weekly high.

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Price is bouncing off its monthly high.

Calculated risk.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,451
  • Dec 13, 2024 10:00am Dec 13, 2024 10:00am
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WAIT FOR IT...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,452
  • Dec 13, 2024 10:25am Dec 13, 2024 10:25am
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It happened again.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,453
  • Dec 13, 2024 10:38am Dec 13, 2024 10:38am
Quoting TooSlow
{image} It happened again.
I got stopped out
  • #18,454
  • Dec 13, 2024 10:54am Dec 13, 2024 10:54am
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WAIT FOR IT...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,455
  • Dec 13, 2024 10:55am Dec 13, 2024 10:55am
Quoting Jannah02
{quote} I got stopped out
Please show your chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,456
  • Dec 13, 2024 11:03am Dec 13, 2024 11:03am
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WAITING...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,457
  • Dec 13, 2024 11:07am Dec 13, 2024 11:07am
Quoting TooSlow
{image} WAIT FOR IT...
I entered when a red candle showed between the pounts of interest and past the line, ive changed the lines of my chart now which is why I can't show the direct point. Price then made a new high so I got stopped out
  • #18,458
  • Dec 13, 2024 11:25am Dec 13, 2024 11:25am
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RED candle open and closed in area of interest.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,459
  • Dec 13, 2024 11:40am Dec 13, 2024 11:40am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,460
  • Dec 13, 2024 11:46am Dec 13, 2024 11:46am
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No hindsight.

This is simple. Simple is not always easy for some. Ease comes with time and experience.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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