About to go live, need some input to fine-tune my Money Management

I currently have a journal which i have found to be consistently successful. My only issue before going live is that i need some input to see if my mentality on my initial stop versus trailing stops are mathematically/logically correct.

I currently use 3 lots when i open the trade w/ an initial stop loss of 60pips.
So the max pips i will lose is 180pips.
Given that, i always aim for an initial target over 200pips (total of the 3 lots), Now i feel that most people would not agree with this win to loss ratio, but i use trailing stops where every 50 pips profit on a lot is locked in by exiting 1 of the lots and moving the stop loss to break even.. (then on the next lot come out at 100pips profit and moving stop loss to 50pips profit (locking that in)).

Since i am moving the stop loss to break even, can i consider this as a new trade where now my win to loss ratio is much higher since i am risking nothing to gain profits cuz i can only break even at worst... or does this still count toward the initial ratio and other money management tools?

If anyone has any suggestions on how i can possibly resolve this issue without modifying my strategy too much (since it has brought me consistent profits and it works w/ my schedule) it would be greatly appreciated!

Thanks

PS: my journal can be viewed through this link:
http://www.forexfactory.com/showthre...t=12084&page=9

Moving to BE is not a new trade. It may now be referred to as a 'Free Trade" as you no longer have any risk in the trade.

While such a tactic may be psychologically easier, it may be costing you profit. You are in a 'Free trade" at the point you move the trade to BE. Have you done any studies on what would happen if you were to use say the 50 PIP Trailing stop on all 3 lots and let it run.
Check out 'Jacko's anti-hedging method if you have not yet already implemented it into your trading plan. You may be able to reduce the SL and Trail Stop if you consider his method. (I haven't read your journal so if u are doing this great, if not - chk it out)

Also - the doubling or tripling of the PIP count based on the number of lots is misleading (At least to me). I won't go into that issue here as it has been addressed elsewhere. You are going to risk a certain percentage of your acct on the chance the trade goes against you 60 PIPS. I like thinking in percentages.
"Counting PIPS is a Mugs game" as one trader puts it.

Good luck to you, you are asking the right questions.

well...that's a R:R = better than 1:1, isn't that pretty good? I think it is.

See i think it is also, but i mean ive read people like to use 1:2 or 1:3 at least, because if you look at the turn out if you have 50% wins and 50% losses, then u will not be gaining much from a 1:1.3 for example w/l ratio.. I mean it has worked for me because my win to loss ratio has been good


I started counting my pips in lots because it is the only way i could record my true value of how many pips i was locking in per trade, so when u look at my cumm. earnings in pip form all you have to do is multiply that by $1 on a mini account and $10 on a std account, i think this is much easier than back tracking to see how many lots ive used and such.. this is just a preference thing.


If you take a look at my journal, I calculate out the %risk of my total equity for my trades (havent been doing it recently because i know they are less than my goal of 3% due to previous trades and my acct size). I never trade more than 3% at a time and have put enough money into my live account which will be deposited next week so that i can use 3 mini lots and keep my risk under 3% of my full acct size.

I will check out the Jacko's s method

Thanks for the info

You could see it as a new trade, with a better Risk:Reward ratio, but if you do so, you'll have to rate your initial trades lower, as any trade that makes >50 pips profit is closed and reopened.