FXTradepro "LUCKY 7" Journal

Quoting Dan S

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Hi Dan,

here is another Dan
I read about your sequences some time last week.
Using my own entry criteria I made 2 trades last week. "Unfortunately" winning both on the first level.

Today I also traded a short Swissy first, but fortunately I started the sequence a little later. So I won the 6th level to the north.

I would really like to say thank you for sharing this sequence with us.

I love the way it works and accepting losing trades as a part of the trading without destroying ones account.

Keep up posting

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Quoting Dan S

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Nice trade Dan

What lot sizing for the initial entry do you suggest?

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Quoting FXTradepro

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Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67

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Quoting FXTradepro

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Thanks for answering Dan S on that Phil......Also, the Lot Sizing can be scaled down to suit any Account Size.

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Quoting Dan S

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Hmm, I might be not the brightest under the sun, but not really that stupid to ignore your lot sizes all over the place aswell. (Not trying to be a prick here )

Actually, that is where my question was intend to go to.
I read that you do not recommend to trade a 0.5 standards initial entry with a $10k balance. So I rephrase my question:

What initial lot size do you recommend for a $10k account?

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Quoting Dan S

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Also,

right now, I am stuck on my initial long entry with around +25 on USD/CHF, and we are heading towards the NY close.
When, talking about time, would you stop the sequence?

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Quoting ghcmartins

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Hi Dan!

Yesterday I read your last thread and this one right now. I liked the concept of the lucky 7 and the other with 24 steps. After reading the lucky 7 thread some questions appeared and I´d like some light about it.

If you were to manage a 100k account, would change the value of the lots in the sequence? If so, would you just multiply them by some factor and get new values or is there any other math involved? YES, you can modify the Sequence based upon the Account Size and the RISK that you want to take per Sequence.

If you have a 10k account, you would be risking after the 7th trade 46.2% of your account is it correct? Did you think about compounding the lots size in the sequence of trades after your equity curve has grown , in a way you´re always risking the same amount (as the initial amount risked 46.2%) of your final equity and can make more money or lose more? Again, I do not advocate trading my Standard Sequence with a $10K Account. You do not need more than that to Trade it but it would be foolish to do so. And YES you can certainly scale the Progression Lot Sizing up or down as you wish.

This idea came to me because I was making some projections using bigger accounts, in a way that you would start risking the sequence of lots traded as you suggest and after each win multiplying the lots size by the growth of your equity (i.e.: If we earn 2%, I´d multiply the first lot that is 0.5 it would be 0.51 and so on). YES, this can be done, but I do not do it this way. Basically, I just keep $10K with my Broker BUT I have at least $50K available to me for Trading. I just do not keep those funds with my Broker. I would add funds if the Account falls below $10K and I withdraw my profits regularly.

Well, I wish you the best and keep up your work!!!!
Thanks....

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