Disliked... During the first 5 months I made about an 80% return but then lost most of it in about 10 days....Ignored
This plummet ensues certainly not to have taken into account your money management.
- #8,229
- Mar 31, 2017 9:19am Mar 31, 2017 9:19am
{quote} Hi This plummet ensues certainly not to have taken into account your money management.
Thanks for your reply.
what you say is straight to the point. I completely ignored money management.... I had just finished my sta exams and was high on confidence and thought to make easy money... Anyway to cut the story short, at first I had an incredible win ratio (I account this to pure luck now) which has now reversed. I still have not used any of my initial capital but now the losses seem to be more than the wins...(bottom/top picking, impatience etc...) It seems that I still have a lot of way in front of me, studying the basics, to become profitable in a sustained manner so if you have any more info reading lists etc. on how to turn this around I would greatly appreciate it.
Cheers
- #8,231
- Edited 2:20pm Mar 31, 2017 1:13pm | Edited 2:20pm
- Joined Jul 2013 | Status: Trader | 328 Posts
{quote} Hello, Thanks for your reply. what you say is straight to the point. I completely ignored money management.... I had just finished my sta exams and was high on confidence and thought to make easy money... Anyway to cut the story short, at first I had an incredible win ratio (I account this to pure luck now) which has now reversed. I still have not used any of my initial capital but now the losses seem to be more than the wins...(bottom/top picking, impatience etc...) It seems that I still have a lot of way in front of me, studying the basics,...
Many have had the same path
----------------------------
After chart analyse with your favorite strategy, try to use these 2 simple rules :
1) Invest less than 5% (the best is 2%) of th capital by StopLoss setup- and when it's possible move SL to breakeven.
2)TakeProfit is selected with risk reward greater than 2.
-------------------
We will need a good mental discipline for moneymanagement
-----------------------------
Kelly criterion, Profit Factor,Expectancy,...will help certainly
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Link your a/c with MyFXBook.com which gives your a/c stats
Regards
- #8,232
- Mar 31, 2017 1:50pm Mar 31, 2017 1:50pm
{quote} Hi, Many have had the same path ---------------------------- After chart analyse with your favorite strategy, try to use these 2 simple rules : 1) Invest smaller than 5% (the best is 2%) by StopLoss setup- and when it's possible move SL to breakheven. 2)TakeProfit is selected with risk reward greater than 2. ------------------- We will need a good mental discipline for moneymanagement
Regards
- #8,237
- Apr 3, 2017 10:32pm Apr 3, 2017 10:32pm
Good Day Everyone,
My attempt for GBP/CAD H4,
Thinking Corrective Wave (b) completed. Wave (c) down next. Invalid if above purple line.
Thanks.
My attempt for GBP/CAD H4,
Thinking Corrective Wave (b) completed. Wave (c) down next. Invalid if above purple line.
Thanks.
"The markets can remain irrational longer than you can remain solv
