thanks you two - just to say though, my losers arent big - once the trend breaks according to my method i'm out.
when i talk about entries not mattering, all the time i see traders saying "if it gets to 115 i'll buy - when its at 115.20 for example - which means a) they are picking a bottom and b) they are buying weakness. then if the trade does start going their way before they have bought then they want it to come back to them so they can get in - all the time they are in this cat and mouse game.
I dont care about entries as long as they are near enough and my method says buy around here - I just buy and that's it. why would i fight for say 10 pips better off when my average winner is say 300 pips - it just does not matter.
You comment about your entry into a 500 pip move with a 40 pip stop - what would it matter if the stop was 100 pips on a 500 pip move? - it's a 500 pip move whatever way - you are just trying to get it smaller so you can over leverage and make more money on it - you are concentrating on "if it loses" wheras a pro concentrates on does it fit my profile? then i'm in win or lose because I know I win in the long run.
if you look at entries that way (to avoid big losers) you will not be able to help looking at exits that way either (trying to avoid giving back) and you will never reach the 500 pips without closing it anyway.
Stops: i think you see my stops as being my exits - they are not, i dont use stops as exits i use stops as stops should an unforseen event occur like a nutter driving a bus full of semtex into the local gala bingo hall. - that's what stops are for - my system is designed to exit my trades, not a stop. you will see that none of my trades never ever close on a stop (bar two because im trialling a different system right now) there is a system exit based on wether the trend is ended - that's my exit.
check the monitor account and look at my losers - the average is about 60 or 70 pips - hardly a "far away mental stop" is it.
Yes, i let my winners run - but if i didnt cut my losers quickly i wouldnt make money. many of my losers lose less than 10 pips, some of my winners only make 10 pips too.
this month is a prime example - the market hardly has had a decent trend, my accounts have won 10% then lost 10% and is about flat.- but im a trend trader - and in theory trend traders lose money in ranging markets - i havent - ask yourself why.
answer, the few winners i have had have ran and the losers have been relatively small.
anyhow, thanks for the replies, like i say, you have to understand the language i wrote and at the moment you are struggling. read it again in 6 months or a year and see if you have the same answer - bet you dont.
bebop, interesting that you were a trend trader but arent anymore - what do you do now?
when i talk about entries not mattering, all the time i see traders saying "if it gets to 115 i'll buy - when its at 115.20 for example - which means a) they are picking a bottom and b) they are buying weakness. then if the trade does start going their way before they have bought then they want it to come back to them so they can get in - all the time they are in this cat and mouse game.
I dont care about entries as long as they are near enough and my method says buy around here - I just buy and that's it. why would i fight for say 10 pips better off when my average winner is say 300 pips - it just does not matter.
You comment about your entry into a 500 pip move with a 40 pip stop - what would it matter if the stop was 100 pips on a 500 pip move? - it's a 500 pip move whatever way - you are just trying to get it smaller so you can over leverage and make more money on it - you are concentrating on "if it loses" wheras a pro concentrates on does it fit my profile? then i'm in win or lose because I know I win in the long run.
if you look at entries that way (to avoid big losers) you will not be able to help looking at exits that way either (trying to avoid giving back) and you will never reach the 500 pips without closing it anyway.
Stops: i think you see my stops as being my exits - they are not, i dont use stops as exits i use stops as stops should an unforseen event occur like a nutter driving a bus full of semtex into the local gala bingo hall. - that's what stops are for - my system is designed to exit my trades, not a stop. you will see that none of my trades never ever close on a stop (bar two because im trialling a different system right now) there is a system exit based on wether the trend is ended - that's my exit.
check the monitor account and look at my losers - the average is about 60 or 70 pips - hardly a "far away mental stop" is it.
Yes, i let my winners run - but if i didnt cut my losers quickly i wouldnt make money. many of my losers lose less than 10 pips, some of my winners only make 10 pips too.
this month is a prime example - the market hardly has had a decent trend, my accounts have won 10% then lost 10% and is about flat.- but im a trend trader - and in theory trend traders lose money in ranging markets - i havent - ask yourself why.
answer, the few winners i have had have ran and the losers have been relatively small.
anyhow, thanks for the replies, like i say, you have to understand the language i wrote and at the moment you are struggling. read it again in 6 months or a year and see if you have the same answer - bet you dont.
bebop, interesting that you were a trend trader but arent anymore - what do you do now?
Telegram: https://t.me/soultraderforex