Ah.. well perfect then if its according to plan. I just know that in the long run for me, trying to save a little loss from going a bit further to save a few ticks usually ends up costing some nice wins.
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If you lost money trading in 2016 here is my xmas gift to you
- Thread starter propwarrior
- Start date
That's what's great about trading. Both options can work. Your Method is your method. His method is his method. For some not taking a full 1R works. For others, the entire method is built upon taking 1R losses.Ah.. well perfect then if its according to plan. I just know that in the long run for me, trying to save a little loss from going a bit further to save a few ticks usually ends up costing some nice wins.
To OP (Propwarrior).
Have you posted the 8 to 10 part of the 10 parts?
Thanks
No I haven't.
Right, you are saying make your loss 1R but then stop out at .75R? A lot of people would say that's hurtful because you're not giving price enough space to move.
Initial stop is 1R. I always look to reduce the risk as soon as possible. You can see this in action in my live trade call in gold recently where I trailed the stop up.
if 'a lot' of people are doing something or thinking something in trading they are usually wrong. Never go with the uninformed herd.
Not trying to be sarcastic, but wouldn't it be easier to take a person that knows nothing about trading, like your other half perhaps, give that person the basic tools ie go long when RSI goes below 30, put that person on a demo account (not making it known, let her think it's real cash) and simply fade each trade?
Not trying to be sarcastic, but wouldn't it be easier to take a person that knows nothing about trading, like your other half perhaps, give that person the basic tools ie go long when RSI goes below 30, put that person on a demo account (not making it known, let her think it's real cash) and simply fade each trade?
It's a common misconception that to make money all you need to do is fade a losing trader. The market moves to be all consuming. It's cryptic but there is no upside to explaining why.
It's a common misconception that to make money all you need to do is fade a losing trader. The market moves to be all consuming. It's cryptic but there is no upside to explaining why.
Do you mean that market would stop both out? I agree to an extent. But what is the common trait of a typical novice trader that has $5k pot? Start trading high leverage, go through a win streak, go through a losing streak, suffer pot reduction, increase size to get back losses and that under capitalisation is key to most common cases of account blow out.