Disliked{quote} thank you for your understanding (is understanding the right word??). I could attache a Ticksize Indicator which shows the value of a currency and calculates the lotsize regarding to the risk from the account in percent. Would it be okay?Ignored
The Trader's Academy - by Traders for Traders
- #802
- Feb 17, 2016 4:50am Feb 17, 2016 4:50am
- Joined Oct 2010 | Status: Trader | 5,442 Posts
{quote} That was after 45 minutes of consolidation - that's one of the things that I monitor- and as I was not certain if it was accumulation or distribution and I didn't want to bias my entry, I placed Buy and Sell Stops around my fast MA - +/- 10 pts as suggested by Medici - the stops, not the butterfly! and that solved the problem
ps, I'd be out now had I taken it as it looks like it's topped. H4 100sma not far above?
- #803
- Feb 17, 2016 5:12am Feb 17, 2016 5:12am
{quote} That is the lot size that means with how much money you trade. 1 lot= 100.000,- - 0.10 lot = 10.000,- I attache you a Tickvalue indicator which calculates the lotsize regarding to the percentage you want to risk from your account and how much money it is per pip. It is a nice little helper to understand better with how much lot you can trade. Hopefuly its useful for you. I hope you dont trade live without knowing the basics and good luck{file}
{quote} As the previous poster said, that is the lot size you can choose to trade, so you can risk 0.10 pence/cents per point, or you can go all the way up to 8.oo. The more you risk, the bigger your account has to be. As we discussed recently here on this thread, risk is personal, but many traders keep it at around 1 or 2% of their account size, sometimes less. Hope that helps clear things up for you.
- #804
- Edited 5:34am Feb 17, 2016 5:23am | Edited 5:34am
- Joined Apr 2015 | Status: Trader | 1,082 Posts
{quote} {quote} Thank you both for great help and for the indicator, lets try it out. I love this forum!
btw ignore the Pound sign in the indicator, the value depends on your account currency. for example: 1 per pip = 0.13 means if you trade 0.13 lot than is 1 pip = 1 $ € or what your account currency is.
I attache you a pipcounter where you can see how many pips the current candle does. Default setting is two for two candles. Better is it to set it to one
(.)(.) think first ...
{quote} For me I had everything in place for an upward break out, and I would have timed it to perfection had I not hesitated right when I needed to act, but never mind, a lot of positives to be taken away despite missing out and another lesson learnt. Really strong move to the upside though, and still continuing, which I think has surprised a few people this morning. ps, I'd be out now had I taken it as it looks like it's topped. H4 100sma not far above?
We live to fight the next one.
None the wiser!
- #808
- Feb 17, 2016 7:18am Feb 17, 2016 7:18am
- Joined Oct 2010 | Status: Trader | 5,442 Posts
{quote} I had a small position open in the right direction but got sidetracked into reversing. Nevermind! We live to fight the next one.
{quote} Although I'm glad you laughed- it is healthy to laugh, this wasn't meant as a joke. Can you elaborate on your answer?
If you are in a hurry to make a living then forget it. Stick to your day job. As Cat has pointed out, it takes many years to come to a point where one thinks they could make a living out of this. Even then, if there is no discipline when greed kicks in then it will all go pear shaped.
There are a few very experienced traders here and none will give up their key to the holy grail. Some of them will be more than willingly guide you to path of your discovery of being a trader.
I will recommend that you stick around, observe what the sages are telling you and then analyse for yourself. Thereafter, develop a method of trading that fits your personality. Practice, practice, practice with money you are willing to lose. Do this a few times over. Then, you should be able to start walking.
I have been at it for many many years and I am still crawling. That's what made me laugh.
None the wiser!
- #813
- Feb 17, 2016 8:01am Feb 17, 2016 8:01am
- Joined Oct 2010 | Status: Trader | 5,442 Posts
I'm outa here for today guys, feel like shit so gonna put my head down. Safe trading
