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a loser's journal......read at own risk
- Thread starter padutrader
- Start date
stopped out
ok either work and understand the market's working or do the simpler thing and shout 'Brooks is a scam..... technical analysis is use less and a scam'
closed long
https://screenrec.com/share/tljv4o9xQA
closed long
https://screenrec.com/share/tljv4o9xQA
closed short for profit
https://screenrec.com/share/tBTU9gLVov
https://screenrec.com/share/tBTU9gLVov
closed short for profit
https://screenrec.com/share/tBTU9gLVov
You trew money management out of the window again? You had a $800000 position in a $14000 account.
I know its just demo but I really can't understand why you don't implement money management into your demo trading/strategy. It's all about preparing yourself to go live again, to get in the right mindset.
Seeing these big profit numbers, even though they are demo, will hunt you once you go live and things don't go your way or go slower than you anticipated. You will want to get these returns in your live account as well but they just aren't realistic in the long run. You need to get in the right mindset and create good habits. Over leveraging isn't a good habit, its probably one of the biggest reason traders fail and keep failing.
thanks for thatOver leveraging isn't a good habit
but actually this is a lot less than i have been using!
what do you suggest my position should be on a 14 00 usd account?
i plan to start live with 100 usd and have a .03 lot position.so i will be trading .03 lot from monday here in demo for a week just to see what i can expect
thanks for that
but actually this is a lot less than i have been using!
what do you suggest my position should be on a 14 00 usd account?
i plan to start live with 100 usd and have a .03 lot position.so i will be trading .03 lot from monday here in demo for a week just to see what i can expect
That's up to you to decide, I don't know what your expectations are.
It also depends on where your stop is placed. If you normally use a 10 pip stop with a 1 lot trade size but your next trade requires a 20 pip stop the lot size should be 0.5 on that trade.
You could say that you would only risk 1% of the account per position, so with a $14000 account that would mean $140. So a 14 pip stop would be 1 lot. However that would also mean not opening multiple positions on the same pair as you are doing now, since then you would exceed the 1%. So you should either stick to the 1 lot with a 14 pip stop, or open a smaller position to begin with so you can scale in later. So you should calculate the appropriate lot size on every trade since every trade will have a different stop placement.
Now this is just an example, you can do it any way you like. However risking much more than 1% per trade isn't recommend, with 1% per trade you have plenty of room for a DD when it happens.