DislikedEURUSD +5 {image} GBPJPY -10 {image} How would you trade this candle? Was looking at it, decided to pass on the 300 level. {image} Markets kind of quiet tonight... @Masterr, My plan for increasing lot size is to increase it on every even numbered increase on my account. So if I had $1000, I would not increase my lot size until I earned my way to $2000. Slower building, but mentally, it makes me "feel" better. Leading to less want to revenge trade, or chase the market.Ignored
I see no problem with your lot size increase strategy....steady as she goes!
Very common amongst traders to increase lot size on a per '000 increase in account equity but there are many other methods too!
If you apply the pending order scripts to your trading by starting @ 1% or 2% risk per trade then after each successive TP your account is nicely compounded however starting at $1000 etc might mean that you need to make several positive trades before an increase in lot size is noticed. Different story when you are trading @ higher equity (really notice the jump in lot size) but that might be for a future time for you...no problem!
If you feel comfortable using 0.4 lots @ $2000 of account equity (per 2% SL / 1% TP) then by all means trade with that until you get to $4000 then you can trade at 0.8 lots per trade until you reach $6000 then trade @ 1.2 lots......I think you get the message. Its your money after all....
The beauty with the scripts is that provided you trading win rate is kept nice and high your account will theoretically increase a lot faster. For some traders this is important whilst for others they prefer to take the slower lane and that's perfectly fine, you need to decide what suits you and your conditions because no-one else has the exact same trading circumstances as you.
Never attempt to revenge trade....the market will smash you up...its far bigger than anyone in this world and for all intents and purposes it has bottomless pockets.
I'm very pleased to see how aware you are of revenge trading and chasing the market because these are exactly the types of trading mentalities that you must conquer immediately.
Good Trading to you,
Masterrmind..............
Master your Mind then Master your Trades