Question is - do you really want to participate in those numerous tries and put your hard earned capital at risk?
I'm not that rich to participate in all attempts, prefer to participate in low-risk entries only, like when price breached the level from the very first try. So no re-entries for me there again. It's simply bad business to risk twice to get the same one TP. Double risk for what?
There is one thing in your post that I couldn't get (the bold text above). Let me explain: In addition to my main accounts, I opened a micro account about 54 weeks ago to develop a second mehtod. This account has witnessed several ups and downs but still surviving, however, I have so far failed in producing a second method. Currently I am testing what happens if we make several attempts for a long shot. So far I have made three failed attempts and fourth one is in progress for a target of about 500 pips (that is, Euro/Usd 1.3700). Since I take a risk of 20 to 25 pips per attempt, can make 10 or 12 attempts for +/- 1:2 risk:reward. My TP is the same, that is 1.3700.
Will appreciate your input.
The Thief of Wall Street