Disliked{quote} This H1 setup trade using ME/ME closed during NY session. One trade close at Breakeven. One close +50pips. {image}Ignored
Hi TMS Folks,
I see there is some confusion with newbie trader who still do not understand what risk and money management strategies. We all know that Big E was an aggressive trader. He was very confident in his 5-Method and very good in picking the best setups. He traded with a $10K account and would risk 15% to 30% per trade. He did not like trading the Day chart because he traded with single entry and single exit, and on Day chart, the pullback can be 100 to 150 pips. he did not use Position Sizing based on that large risk. That 100 pips pull back with a standard lot account and with a 15% to 30% risk per trade would mean very large floating drawdown for him and he could not stomach that. If he had used Position Sizing, it does not matter if the stop loss is 15 pips or 150 pips, the risk is still the same.
Big E risk 15% to 30% per trade with an account of $10k. Post# 66,525
http://www.forexfactory.com/showthre...02#post8794602
post #2177 by adeforex, good advice given;
http://www.forexfactory.com/showthre...60#post4609460
I cannot trade like Big E using such huge risk per trade. I am in no hurry to be rich. I prefer to grow my account slowly with few small losses and more winners in baskets of trades. I prefer to trade with small risk which is easily manageable and drawdown can be recovered much easier. I also prefer to trade with multiple entries and to get an overall entry price with several ME trades. This is what I learn from professional traders like Silvani Agustin and Kathy Lien.
I have posted this week and advised that we should avoid trading this week after Brexit and if we want to trade, we must trade with smaller risk to minimize our exposure in the market.
The EURUSD trade plan was based on day chart and I use the H1 TMS setup on June 28 Tokyo session as my trade entry to initiate a new basket. See attached pdf for explanation. For me and several other traders here who are trading with ME/ME, they are doing well with their own trade manager development. I have my own trade manager running for quiet long time. To me trading with ME/ME is much lower risk and using a trade manager EA makes it less stressful as most of the work after I initiate the first ME trade are all done by the trade manager. This leave me to have my whole day free to do other things. I only need to check my VPS whenever I find time to.
On average, I check my trades 2 to 3 times every day and usually there is little I need to do as the trade manager runs on its own once I set up the parameters at the first initiation.
Trading Made Simple has become Trading Made Easy and this is only possible with semi-automation. Many of us do not need to trade manually anymore.
Money Management strategy is your individual decision and how you want to achieve your financial objectives in this forex trading business.
Trade Well and Trade Safe.
Attached File(s)
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
