{quote} Lotsize I use is for risk 15pp/trade (1%) capital.
I recall times when i'd lose a trade, would wait 30 minutes and trade again without a
proper trade setup because i wanted to make back my lost money and squash that sour
feeling in my heart.
random trades include placing a sell order because STOCH was overbought and buy because STOCH is oversold,
without checking if news was coming out, or respecting the london open, price action etc...
tony112 is i'd consider a bigger fish then alot of retail traders. if im not wrong, he places 50 to 100 standard lots.
so a 50 pip plus move move long on say eur/usd, and he could earn north of $25,000. and his risk is well defined.
even now, tony112 still fights the urge of random re-entrys... so you are not alone
for most of us, 0.1, 0.5, 2, 4 lots max on a $20,000 account.
revenge traders that need to see pips ticking at their MT4 terminal can survive long term by placing 0.1 mini lots on revenge trades.
the account won't get wiped out and gives us a lesson in money management.
through my "revenge trading/urge to place a trade for no good reason" days using 0.1 mini lots,
the lesson i learnt was that its smarter (more profitable) to split up 1 lot into a few mini lots, 0.1, 0.1, 0.3, 0.3, 0.2,
rather then place 1 lot at a price then expect it to move in our favor.
MT4 has a quick trade panel on the top left that is helpful for this.
this leaves alot of margin for error and it becomes very hard to lose money because often the account will
have sufficient funds to sustain a small monetary floating loss.
i guess what i want to say is, don't give up on forex BUT start with mini lots on a live account, seeing pips moving in a live account has a
powerful psychological effect that strengthens our emotional quotient and spurs us to learn more about how price moves through the currency pairs.
and once we get good at holding on to winners and know how to cut losing trades, we can progress to bigger lot sizes.
and also practice tony112's news method with mini lots cause it works.
- #10,806
- Edited 2:21pm Mar 9, 2014 2:01pm | Edited 2:21pm
also speaking of news... what are your next targets for this week? NAB -AUD anyone?
btw, take care on 200 candle moving average on D1 where price has bounced off short and bearish W1 trend line.
- #10,813
- Mar 10, 2014 8:28am Mar 10, 2014 8:28am
This thread is specifically dedicated to high impact news trading, please don't post here for philosophies, religion or crazy conspiracy theories that has nothing to do with news. Business should be business.
FF does not show the NZD news, and my fx book does not show some of the AUD news...WTF?
They also have differing ideas as to what is high impact and what is not...
Colour me confused
And, again, how does this DST affect everything? If I do a quick eyeball between FF and my fx book, it seems that they are both indicating the same time for me here locally. But a shift with DST should surely change the times?
Has DST even been changed? Or is my broker up to something?
They also have differing ideas as to what is high impact and what is not...
Colour me confused
And, again, how does this DST affect everything? If I do a quick eyeball between FF and my fx book, it seems that they are both indicating the same time for me here locally. But a shift with DST should surely change the times?
Has DST even been changed? Or is my broker up to something?
- #10,820
- Mar 10, 2014 11:33am Mar 10, 2014 11:33am
FF does not show the NZD news, and my fx book does not show some of the AUD news...WTF? They also have differing ideas as to what is high impact and what is not... Colour me confused