Cable Update (GBPUSD)
...just took profits at 1.5949 for a 30 pips gain ......just following manize's advice, aiming for 40 p/ day , 4% of account , 80% per month ....enough to make you riiich ... enough ...
i go long @ 5920, hoping 5940 short term, re-enter long if hits 5958
...just took profits at 1.5949 for a 30 pips gain ......just following manize's advice
melba nothing wrong with what you are doing
but there are days when you will lose 80 pip....
I trade in a very similar nature to you.
My stops are 30 pip ( .5% risk on account) and target 200 pip per week (3.5% on account ) . This is VERY realistic. Even with a small account you can compound it pretty good in 4 years..... and in that 4 years with good mm you will become one of the best traders out there.
2% risk on account with 20 pip stop .....you have a bad day...
Sorry I had a wrong post. 40 pips of trade 4% of account with 1:100 leverage is 1.6 % --> a month 32 % minus loss day at least I got 20 % a month. I trade not for rich but for income !
Nice advice.
melba nothing wrong with what you are doing
but there are days when you will lose 80 pip....
I trade in a very similar nature to you.
My stops are 30 pip ( .5% risk on account) and target 200 pip per week (3.5% on account ) . This is VERY realistic. Even with a small account you can compound it pretty good in 4 years..... and in that 4 years with good mm you will become one of the best traders out there.
2% risk on account with 20 pip stop .....you have a bad day , lose 8% say ( 4 x 20 pip trades) , waych ow your mind takes over and you...
thanks
money management is key in this game. Even the worst traders with the best money management can get a little profit by the end of the year
to survive in the markets have a half arsed system and great money management.
90% of traders fail not cause they cannot trade , but because of their money management
with 2% risk on account with 20 pip stop you may not have a chance to become a good trader
MM should be limit at least of 60pips move with 90% of Successful Analysis so by every One Only they probably Were on 50% some times 68 % so there should Be a range Pip LIMIT for SL .. hi malc whats new , can you show ur charts for gu
to survive in the markets have a half arsed system and great money management.
