I suspect dementia sadly from his ranting and general lack of logic, sadly!!
Lost 7 trades in a row this week, how often will this happen again?
- Thread starter metatrader54
- Start date
I suspect dementia sadly from his ranting and general lack of logic, sadly!!
My loses usually come from revenge or over trading in 1 day. I take a loss and try to get right back into another trade. Where when I win, I might wait till the next day to trade again.
Best solution is to trade the same for winning and losing days.
Also, check back in an hour and see if you made a mistake for that trade or not based on your trade setups.
You don't want to force a trade. For example, ES might be trading between 2 ranges, and when you look at the chart price is in the middle of the range so it's too late to take a trade.
Also, if price has already shot up hard on CL. You don't want to pick tops to short it, but you also may need to let the trade go if you are already close to a possible resistance level.
My best Forex system which had a 65% win rate I let trade overnight without messing with it. In the morning if the target or stop was not reached I would just kill the trade.
For futures, as others have said I need to let my winners run more to a target while not moving my stops or adding to a losing trade.
Best solution is to trade the same for winning and losing days.
Also, check back in an hour and see if you made a mistake for that trade or not based on your trade setups.
You don't want to force a trade. For example, ES might be trading between 2 ranges, and when you look at the chart price is in the middle of the range so it's too late to take a trade.
Also, if price has already shot up hard on CL. You don't want to pick tops to short it, but you also may need to let the trade go if you are already close to a possible resistance level.
My best Forex system which had a 65% win rate I let trade overnight without messing with it. In the morning if the target or stop was not reached I would just kill the trade.
For futures, as others have said I need to let my winners run more to a target while not moving my stops or adding to a losing trade.
When trading stocks you will get stopped out very often by using a 0,5 % risk stop.
Guess you have a 10,000 $ account. A 0,5 % risk would be 50 $. Don´t know how to handle such a tight stop. Maybe trading forex, which i don´t
0,5% risk on initial capital, not on the stock price.
I like Market System Analyzer. It allows you to simulate behavior of "random" trading system with predefined parameters
System example (I consider this to be pretty common system for consistently profitable traders)
Profit: 400 USD
Stop: 210 USD
Win Rate: 44 %
RT Fee: 5 USD
RT Slip: 5 USD
It is likely to have even 20 consecutive losses!!! Still such system makes about 50k per thousand observations!
And with 95% chance your drawdown will not be more then 5,600 USD
I bet very few traders get 50% on 2:1 RR ratio so most of guys should just get used to this reality as soon as possible. You can only survive this if you are prepared to get 15, 20 in a row. The only way you can do something about this is really reduce the R size (risk per trade)
System example (I consider this to be pretty common system for consistently profitable traders)
Profit: 400 USD
Stop: 210 USD
Win Rate: 44 %
RT Fee: 5 USD
RT Slip: 5 USD
It is likely to have even 20 consecutive losses!!! Still such system makes about 50k per thousand observations!
And with 95% chance your drawdown will not be more then 5,600 USD
I bet very few traders get 50% on 2:1 RR ratio so most of guys should just get used to this reality as soon as possible. You can only survive this if you are prepared to get 15, 20 in a row. The only way you can do something about this is really reduce the R size (risk per trade)