Naked Chart Based Trading PRM style "LESS IS MORE"
- Thread starter JSSPMK
- Start date
x4.8 the risk
Busted
Part of any money management schedule is establishing how much to commit to each trade. Here's how I do it:
Establish current dominant trend by looking at monthly/weekly chart. If it's a bull trend, then I start waiting for buying setups and vice versa if it's a bear market.
1. Find a buy/sell pattern;
2. Establish potential target vs stop. I aim to only participate in setups that offer potential profit being at least x3 amount of stop loss;
3. Each stop loss is around 5% of my trading budget. If I was to wipe out my trading budget it would hurt, yet not devastate my financial situation. If my trading budget is reduced to 50% of its initial value, then I'll halt all trading activities and analyse what's been going wrong;
4. Once I'm in a trade I hold that position till either my stop loss or target is hit.
Establish current dominant trend by looking at monthly/weekly chart. If it's a bull trend, then I start waiting for buying setups and vice versa if it's a bear market.
1. Find a buy/sell pattern;
2. Establish potential target vs stop. I aim to only participate in setups that offer potential profit being at least x3 amount of stop loss;
3. Each stop loss is around 5% of my trading budget. If I was to wipe out my trading budget it would hurt, yet not devastate my financial situation. If my trading budget is reduced to 50% of its initial value, then I'll halt all trading activities and analyse what's been going wrong;
4. Once I'm in a trade I hold that position till either my stop loss or target is hit.
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x3.5 risk
Busted
Somebody asked about whether it's possible to predict favourites with a high strike rate, here are my stats for last month. I do it by only backing a clear favourite team that play at home.
Awesome ! You make better prediction than Mark Lawrenson
Have you made any bet for this weekend's premier league yet?
Awesome ! You make better prediction than Mark Lawrenson
Have you made any bet for this weekend's premier league yet?
There isn't much premier league wise on today, haven't looked what's in store tomorrow. Today I just have some safe doubles on (draw no bet) and 1 six fold and 1 eight fold. Maximum odds 9/1.
As far as Mark Lawrenson is concerned people like him generally aren't bothered with strike rate, they mostly tip 'fancy' events, I go for boring premier league favourites at home, no skills involved apart from common sense.
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This info is really cool to build accumulators, looking for teams that have solid current track record playing at home, just look at some of those group leader's stats of playing at home. Saying that probability of any match outcome is already researched and priced into bookmaker's odds.
Why I link this to PRM concept is down to 2 factors, a) returns of accumulators enable to offset previous losses and b) you are backing events that are very likely to occur, even though they don't always happen due to multitude of events that form one result.
Why I link this to PRM concept is down to 2 factors, a) returns of accumulators enable to offset previous losses and b) you are backing events that are very likely to occur, even though they don't always happen due to multitude of events that form one result.