Takisd,
Nice thread for the openminded............keep it coming. We are listening.
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Nice thread for the openminded............keep it coming. We are listening.
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DislikedUgh just came online to check on a few things and it seems some posts are missing. I am upset as to why people would remove certain comments from my thread.
I like the criticism, proving someone wrong is fun....Ignored
DislikedAre you actually trading live with 4% risk and using mt4, or did I miss something and you are just doing this for fun from home?...Ignored
DislikedI trade on both dukascopy and at another broker... I don't feel like mentioning because people will just bitch.
You are mistaken in terms of the method calculate risk.
Risk is how much you stand to lose, not how much capital you are using. I.E my maximum loss on that trade would have been 4%, i close out for a profit of about 5.2% ( closed it prior to TP) which means I can now take another 4% risk trade with no risk. My risk is calculated by my monthly balance. I.E the first day of the month lets say the account is 100$, then even if i compound...Ignored
DislikedActually, I am not mistaken. I am speaking of risk% per capital, and 4% can be considered high, especially if you have a max 10% monthly drawdown. Maybe that is not the case, and you can loose 20% or whatever. Either way, I did ask if you know what your max monthly drawdown was before you get canned. Many hot shot young traders really don't understand money management and soon find themselves out of a job. Maybe your expectancy allows 4% per trade, who knows?Ignored
DislikedI like how you keep things simple and that is very useful. You're also adaptive to the market which is even more important. I think this is a great approach.
In the end I see why you can have such a high success rate. It is a little deceptive though because your risk will vary depending on market conditions. I believe in normalizing risk by adjusting lots traded in order to minimize the volatility of the account balance.
For some reason people on this forum like to focus mostly on entries and exits on occasion. I feel that less attention is...Ignored
DislikedG'day Takisd,
I'm in Melbourne so the lunchtime chat is out for me.
Is this similar to BillRayValentine style of trading or completely different?
JuicytIgnored
DislikedMy mistake, I wrote that in a rush this morning.
Hotshot young traders, something like that.
But drawdown is in terms of capital invested, do you agree?
If I land my first 5 trades as profits, it would be a very rare occaision that I have to worry about a drawdown on the month.
However last month i started off with 2 losses, the drawdown might have been 2-3% I am unsure, I will check for you. Given an 80% win rate, and the requirements put to me as a trader by my boss. I wouldnt get fired until 30+% dd is encountered from my monthly allocated...Ignored
DislikedOH, and if there is anyone who works in the sydney CBD and would like to have a chat at lunch time (i dont drink coffee, and take an hour walk at lunch) when im at work, send me a pm and i will say hi.
Edit: oops i quoted myself.Ignored
DislikedNow your talking, thanks for getting back with me on that. I do agree DD of capital invested, and many calculate max DD each month using the highest attained balance of the prior month. It sounds like you may start out each month with a different balance. I agree, I could never lose 30% of a clients capital and feel like I deserved to trade it. Take care and thanks for sharing.Ignored
DislikedTakisd,
You just keep getting better as you post. I am really enjoying your frankness in your post.......rare on these forums @ times.
I am trading about the same as you, simple using PA mixing in trendlines & keeping my risk @ about 2.0%-2.5% per trade, but I'm using shorter TF's. I see your using 1H TF from the charts you post.
I started giving up indicators in favor of PA several yrs ago & profits started to increases.
Is your trading TF on the 1H, or what do you use?
Tks again & keeping them coming.
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DislikedWell, without giving away too much about how the business i work for works. Capital is allocated monthly. (15th of each month, no idea why this time).Ignored