Recovered my Friday loss 
Drawdown is more important than Account Size !
- #1,065,142
- Apr 25, 2016 8:34am Apr 25, 2016 8:34am
- | Joined Sep 2013 | Status: Trader | 2,240 Posts
Recovered my Friday loss
Now make at least 15 % by the end of the week !
- #1,065,143
- Apr 25, 2016 8:43am Apr 25, 2016 8:43am
Recovered my Friday loss
As you account statement shows, the last 3 deals enabled you to increase to increase your depo by 9%. That's awesome! I would like to ask you, what risk did you take on -- at any point in time, I mean.
I calculate the risk like that: I open the deal with the risk of, for instance, 0,1% in the event of the sl being triggered. If my deal has gone the distance, which is equivalent to the sl, I can move the sl to the BE point -- in this case, my risk will be 0%. In such case, I willl be able to add up on the trend and open another position.
Do you do it like that?
I am a newbie and I am interested in these questions. I am sure that may forumers can insight something out of this dicussion.
- #1,065,144
- Apr 25, 2016 8:59am Apr 25, 2016 8:59am
- Joined Jan 2016 | Status: Trader | 1,309 Posts
{quote} Hi, Procrude As you account statement shows, the last 3 deals enabled you to increase to increase your depo by 9%. That's awesome! I would like to ask you, what risk did you take on -- at any point in time, I mean. I calculate the risk like that: I open the deal with the risk of, for instance, 0,1% in the event of the sl being triggered. If my deal has gone the distance, which is equivalent to the sl, I can move the sl to the BE point -- in this case, my risk will be 0%. In such case, I willl be able to add up on the trend and open another...
Your Account Balance X 0.00020 = Lot Size
So for Example: $3000 X 0.00020 = 0.60 would be the Lot Size.
BUT, remember every trader has a different style of trading... I only trade one pair at a time. There are some traders here who have like 20 pairs open at the same time with 0.01 lot size...that to me does not make sense. -or- may be they know something I dont.
I take one trade at a time.
Take Care
Drawdown is more important than Account Size !
- #1,065,145
- Apr 25, 2016 9:34am Apr 25, 2016 9:34am
- | Membership Revoked | Joined Jul 2020 | 7,294 Posts
{quote} Hi Andrew, Normally I do the following to calculate my lot size. Remember i am in usa so I am on 50:1 Leverage max. Your Account Balance X 0.00020 = Lot Size So for Example: $3000 X 0.00020 = 0.60 would be the Lot Size. BUT, remember every trader has a different style of trading... I only trade one pair at a time. There are some traders here who have like 20 pairs open at the same time with 0.01 lot size...that to me does not make sense. -or- may be they know something I dont. I take one trade at a time. Take Care
- #1,065,146
- Apr 25, 2016 9:42am Apr 25, 2016 9:42am
- Joined Jan 2016 | Status: Trader | 1,309 Posts
Drawdown is more important than Account Size !
- #1,065,147
- Apr 25, 2016 9:46am Apr 25, 2016 9:46am
- Joined Sep 2015 | Status: Trader | 820 Posts
{quote} Uh, what a day, indeed! I know that is no consolation, but I think no one's early hours plan didn't worked
, no for me is a question of money management. I can lose 60% of the time and make money however on the 40% winners I do make money to live a simple life.
- #1,065,148
- Apr 25, 2016 10:24am Apr 25, 2016 10:24am
{quote} Hi Andrew, Normally I do the following to calculate my lot size. Remember i am in usa so I am on 50:1 Leverage max. Your Account Balance X 0.00020 = Lot Size So for Example: $3000 X 0.00020 = 0.60 would be the Lot Size. BUT, remember every trader has a different style of trading... I only trade one pair at a time. There are some traders here who have like 20 pairs open at the same time with 0.01 lot size...that to me does not make sense. -or- may be they know something I dont. I take one trade at a time. Take Care
Thank you for your answer.
1. I am not sur that leverage is that important in this case.
2. When you choose the lot size, do you account for the size of the stop loss and the loss as the perctage from your depo account that you will incur, if your sl is triggered?
3. Don't know about the single pairing vs multple pairing. I would like to trade two pairs audusd (it's smoother and consistenter vs eu) and something else
- #1,065,149
- Apr 25, 2016 10:26am Apr 25, 2016 10:26am
- Joined Jan 2016 | Status: Trader | 1,309 Posts
Closed my last trade just now... it was getting boring and besides i gotta go for lunch will trade later in the evening.... I think I am addicted to Forex LOL
will trade later in the evening.... I think I am addicted to Forex LOL
Drawdown is more important than Account Size !
- #1,065,150
- Apr 25, 2016 10:35am Apr 25, 2016 10:35am
Closed my last trade just now... it was getting boring and besides i gotta go for lunch
So, if you don't stare at the screen all the time, when check it when one of the two alarms is triggered, then you turn this activity into anti-addiction. I am working as a translator and transations project manager, so I have lots of things to do every day, so I have a strong motivation to just check what's going on, do some decision-making and move on to the translations, etc.
I will be trading a 10K depo account. The maximum risk -- at any time -- will be 0,1% (based on the sl actually placed). If the accout gradually grows to 100K (via the contributions from other activities, not fx per se), then it might get a bit addictive, coz the potential profit from fx activities will higher than everything else that I do + psycologically, it's a whole different ball game in terms of absolutes.
Any comments and tips on these comments will be highly appreciated.
P.S.
Typed with
Inserted Video
- #1,065,152
- Apr 25, 2016 10:56am Apr 25, 2016 10:56am
{quote} Next time, don't even bother commenting, it helps no one{image}
Great week to everyone
Trade. Learn. Adjust.
- #1,065,155
- Apr 25, 2016 11:32am Apr 25, 2016 11:32am
- | Joined Sep 2013 | Status: Trader | 2,240 Posts
- #1,065,157
- Apr 25, 2016 12:04pm Apr 25, 2016 12:04pm
- | Joined Aug 2015 | Status: Quant Analyst and Programmer | 102 Posts
Old ways dont open new doors
- #1,065,159
- Apr 25, 2016 12:33pm Apr 25, 2016 12:33pm
- Joined Mar 2012 | Status: Trader | 14,323 Posts | Online Now
How I trade:
A bar makes a NEW DAILY high and closes. Next bar fails to make a higher high and reverses. Sell when price drops below the open price of the current bar.
A bar makes a NEW DAILY low and closes. Next bar fails to make a lower low and reverses. Buy when price rises above the open price of the current bar.
Let me rephrase in the form of yes/no or true/false questions.
1) Did a new daily high or new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair.
2) Did this bar test ( get near ) the new daily high or new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair.
3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade.
"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins
Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
"Perfection is not when you have nothing more to add, but when you have nothing more to take away." - Antoine De Saint Exupery
"It is not about adding on, but taking away. The less technique, the better you are." - Bruce Lee
Please understand none of this is original or new and this is presented for EDUCATIONAL PURPOSES ONLY. You may find your results may differ. Please check with an accredited financial specialist before using real money. FOREX trading can be risky. YOU HAVE BEEN WARNED!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #1,065,160
- Apr 25, 2016 1:06pm Apr 25, 2016 1:06pm
- | Joined Aug 2015 | Status: Quant Analyst and Programmer | 102 Posts
Old ways dont open new doors