Nice ride down.
Question: In a 150pips move (as example), how can traders multiply their pips with the same initial SL 'R' ... and get 250pips as profits?Ignored
Personally, the moment I take a trade I mentally deduct my SL from the account balance which means I am ready to accept the loss right from the first minute. As trade develops and move in my direction I take another potential loss (open second lot) and therefore my risk/loss increase with every trade.
I very seldom move my SL to BE unless price has moved far away from the price at which I opened the trade.
In simple words, I consider trading as going to a restaurant, if you like the appetizer you order the meal and dessert if you are happy otherwise at bare minimum you have lost the money on appetizer anyways.
Below is the another trade which I am in. I took the first lot when price got rejected at 1.0775 and opened another lot when price aligned with Fib 61.8 and TL. Not sure if it is going to hit my TP but nonetheless I have deducted the cost of appetizer and meal from my account balance anyways.
Another method which I could think of is to move the previous lots to BE before opening subsequent trades which means at any given point of time your latest lot is on risk which keeps your risk fixed on that particular pair regardless of number of lots you open.
Multiple lots are very powerful, if played correctly with inhuman patience, for instance if you catch a moderate trend of 500 pips and you play multiple lots the end result will probably be around 1,000 pips.
Hope it make sense.
Forex is boring but profitable with patience and discipline