and.... not soo rosy picture on UJ for me
Probably same for 60minuteman on his EA trade.
Probably same for 60minuteman on his EA trade.
Staying in my lane...
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Dislikedand.... not soo rosy picture on UJ for me Probably same for 60minuteman on his EA trade. {image}Ignored
Disliked{quote} I did, the thread suggest traders try to find low risk entry ideas/patterns. What I posted was one of those, regardless of whether it's a 3:1 or 33:1 outcomeIgnored
Disliked{quote} lost one soldier and a few from friendly fire, sniper left but it ain't looking good..Ignored
Disliked{quote} coming back.... again... you gotta be a bottom's and top's picker {image}Ignored
Disliked{quote} speaking of tops and bottoms, i have been waiting patiently for a correction in the stock markets this year. Same is the case for NZD pairs reaching all time high. A dozen low risk probes at such levels would be worth the effort. I have already lost quite a few at BE on these long term setups. With yesterday's rate hike, it's a game changer for NZD to continue it's higher trajectory. Regarding R:R, it really doesn't have to be 1:100+. Just 1:10 is fine for me... especially when trading on M1/M5 with under 10 pips of risk. It's all relative....Ignored
DislikedI got that 3:1 in USD-JPY, short at 102.60 covered at 00. Stop was at 102.80. 60m man will of course be holding out for more Lots of perversity in that trade, market doing it's usual thing, ie trying to fuck the many BEFORE the real move. Concentrate folks, these trades are everywhere (but only if you use said concentration). Of course, I could show you 101 that setup just like my example that lose money so don't think for one moment that these trades are banker bets. But this is purely a numbers game, sometimes they work, others they don't and...Ignored
The right answer?
It's a numbers game, sometimes you do the right thing other times it's the wrong thing on any individual trade but over time there will be a difference depending on which route you generally take. The difference will be both monetary and psychological. More or less money and more or less psychological impact.
Personally if I can keep my average ratio at 3:1 minimum with a reasonable win % I'm more than happy because although an average of 3:1 looks obtainable it's not easy to do it in the highly competitive markets.
And why is it not easy?
Because perversity dogs all traders most of the time...
PS. But if perversity dogs all traders most of the time, why not build strategies (not systems) that try to capitalise on the perversity that dogs our competitors...
DislikedIt was getting to the end of the day and I was happy with 3:1 even though looking at the chart there was little support until price moved below 101.60 where we are right now. Perversity dogs me like any trader. Many times I've covered these sorts of trades at 3:1 and with hindsight was the right thing as price went a touch further before moving sharply higher Many times I've covered these sorts of traders at 3:1 and with hindsight was the wrong thing (like today) as price went a lot further offering up a potnetial 5:1 or even 7:1 trade The right...Ignored
DislikedA very good trader said to me recently that he likes to trade with 'the most insurance he can afford'. What he meant was that a larger stop is normally always better than a smaller one although the smaller one if it works (stop not activated) offers the far larger profit potential. 10 tick stop and 70 ticks profit is of course 7:1, a 20 tick stop and 70 tick profit is 3.5:1. When I quized him, he said he's was stopped out too many times with tighter stops and as the markets can be so skitty the safer, less profitable option is normally the best....Ignored
Disliked{quote}A larger stop is almost always worse than a smaller one if we're talking about insurance.Ignored
Disliked{quote} I would disagree because the flip side is the smaller stop has more of a chance of stopping you out and therefore more of a hidden psychological impact which can also be measured in money. Whatever the case there are many ways to skin a cat in this business. Some go for option A and are happy others option B. There is no right answer for everyone, only the right answer for you.Ignored