DislikedYes, I have acquired patience. Now I need to know when to take profits appropriately, and when I see a setup to really hit it. I've seen quite a few setups and go without me. Took that NZDJPY setup last week (shame about the hols or it might have gone) but still don't know when to get out. +120 to BE. One thing at a time. Preserve capital. The profits will come.Ignored
""when I see a setup to really hit it""
This is THE BEST WAY to blow your account! Don't do it. To stand any chance at beating the system on this you MUST trade the same % of your account on EACH trade until you are consistently profitable over a long, long time.
I can't tell you the number of times I thought this was the Mother of All Trades and put enough on it to make up for all my losers - well, The Queen has a nasty way of reminding us that we are only little serfs in her Kingdom and each time I did this she took everything without even as much as a "thank you".
When you are consistently making profits, your account grows AND therefore the $ amount which, although the same % of your account, is now higher. You MUST work, trade and think in terms of % rather than $ amounts.
When you are consistent, you can also fund and add and increase your account size which, on the same % basis, will increase your $/pip contract size.
Whatever you do though, do NOT try and pick and choose between a good trade and a slam dunk trade and load up on it - it is the FASTEST ROAD TO RUIN.
Do you understand this?
