but surely when you enter a trade the position doesn't immediately go in your favor or does it?
...because if it does your return to risk ratio would be at infinity...
Cable Update (GBPUSD)
- #239,281
- Jul 19, 2010 1:03pm Jul 19, 2010 1:03pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
- #239,282
- Jul 19, 2010 1:04pm Jul 19, 2010 1:04pm
- Joined Mar 2006 | Status: Chase that Dollar .. | 1,416 Posts
- #239,283
- Jul 19, 2010 1:05pm Jul 19, 2010 1:05pm
- Joined Oct 2009 | Status: Trader | 15,211 Posts
since everything is pretty much guessed - might as well show it
You definitely need to become more comfortable with an increased position. You just closed a trade for a 950 pip profit and your average is still only a tenner. So either increase the leverage or scale in your positions, with your record, calculate your SL and use 2% of your balance as your position. Even at 2% it will take you 2 years to blow an account if you have all your trades wrong with your trade frequency
- #239,284
- Jul 19, 2010 1:08pm Jul 19, 2010 1:08pm
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
most of the time i pretty much nail it..its always very low thou..but saying this my euro trade might fall under
Hear the music before the song is over ...
- #239,285
- Jul 19, 2010 1:10pm Jul 19, 2010 1:10pm
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #239,286
- Jul 19, 2010 1:11pm Jul 19, 2010 1:11pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
You definitely need to become more comfortable with an increased position. You just closed a trade for a 950 pip profit and your average is still only a tenner. So either increase the leverage or scale in your positions, with your record, calculate your SL and use 2% of your balance as your position. Even at 2% it will take you 2 years to blow an account if you have all your trades wrong with your trade frequency
thanks good tip
- #239,287
- Jul 19, 2010 1:12pm Jul 19, 2010 1:12pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
but that's very important component bro...you have to measure your maximum drawdowns yourself then for every trade (in this case 25 of them) you were in since mt4 doesn't apparently show it...and then make an estimate (there are a number of different ways to do this) of how many of these drawdowns in a row is probable....then one could make a judgement whether or not 6% return is a good figure...
i see what u mean..
- #239,288
- Jul 19, 2010 1:13pm Jul 19, 2010 1:13pm
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #239,289
- Jul 19, 2010 1:14pm Jul 19, 2010 1:14pm
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
im on a micro myself..so far assuming i dont do anything stupid i have managed to get 6% from jan..aint much but it is a micro..
is this good or bad? thoughts welcome as i have no idea really for micro trading
stupid me i didnt realise this is also 50% fib level..theres some confluence as well ..thats positive
that others have joined in with their thoughts)... so speaking
in generalities and not specific to you or anyone else but more
particularly to me as I have asked myself these same questions.
6% biannual growth is great money for any passive investment...
but 6% micro acount growth through active painstaking trading
in the forex in 6 months, is that really worth it? Yet, it still puts
one in the upper eschelon since 95% lose (I didn't say loose) all
their money in much shorter time frames and very few ever
break even in that period of time. I speak from experience.
If you are at 6% growth for 6 months of effort because your
goal is 1% per month on a micro account... that has to be a
total waste of time for the hundreds or even thousands of hours
and posts spent (especially lingering here in these forums).
However, if this is part of the structured learning process which
takes many thousands of hours in any professional endeavor
then it might be money / time well spent.
Consistency was mentioned. That's the real key and worth its
weight in gold. Increasing position size for entries was mentioned.
That has changed my success greatly once I found a method I
was comfortable with and had established greater consistency.
I have proven to myself that I can double an account every 90
days and have done so with two accounts, only then to blow a
majority of the gains instantaneously by careless moves and
bonehead money management. So my time is better spent in
studing my weaknesses and training my mind rather than searching
for better methods or forms of analysis.
When I discovered that I am actually capable of making 6%
or more.... not per month, not per week but per day... has
been the motivating force to keep me in this game. When
I found that constant compounding growth is being realized
by others here in this forum and viewed with my own eyes
where 10% per day is consistently being achieved... and a
$300 account can grow to a ~$3,000 level in 24 periods, and
to a ~$30,000 level in 48 periods and to ~$300,000 in 72 periods
has expanded my vision of what I am capable of in this market.
The market is not the enemy....
Dr. D.
- #239,290
- Jul 19, 2010 1:17pm Jul 19, 2010 1:17pm
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,062 Posts
My thoughts.... ( and while taking my time to write this, I see
that others have joined in with their thoughts)... so speaking
in generalities and not specific to you or anyone else but more
particularly to me as I have asked myself these same questions.
6% biannual growth is great money for any passive investment...
[i][color=blue]but 6% micro acount growth through active painstaking...
- #239,291
- Jul 19, 2010 1:18pm Jul 19, 2010 1:18pm
- | Membership Revoked | Joined Mar 2010 | 3,853 Posts
All systems of divination, like music itself,work through patterns.
- #239,292
- Jul 19, 2010 1:22pm Jul 19, 2010 1:22pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
- #239,293
- Jul 19, 2010 1:31pm Jul 19, 2010 1:31pm
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
- #239,294
- Jul 19, 2010 1:31pm Jul 19, 2010 1:31pm
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
i see what u mean..
...alright...trade well bro! Hear the music before the song is over ...
- #239,295
- Jul 19, 2010 1:48pm Jul 19, 2010 1:48pm
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
im not trying to make money im basically just forming a behavioural routine behind taking trades..there been no stress i dont even look at my charts..i just go work and make lunch money on the side..
no stress at all..i will step it up thou..perhaps risk 2% per trade and see how that goes!
Behavioural routine is a key component and I can only accomplish this through a trading plan that spells it out for me. Having it in mind is no good. My mind plays too many tricks on me 
- #239,296
- Jul 19, 2010 1:50pm Jul 19, 2010 1:50pm
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
Dr. D.
- #239,299
- Jul 19, 2010 2:03pm Jul 19, 2010 2:03pm
- | Additional Username | Joined Sep 2009 | 8,623 Posts
im not trying to make money im basically just forming a behavioural routine behind taking trades..there been no stress i dont even look at my charts..i just go work and make lunch money on the side..
no stress at all..i will step it up thou..perhaps risk 2% per trade and see how that goes!
watch it fly 2molo
- #239,300
- Jul 19, 2010 2:05pm Jul 19, 2010 2:05pm
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Good luck carrying that to the links.
Dr. D.
Links is great fun when it is not so windy!