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Stop Playing around
Nov 29, 2011 at 21:57
1,231 Views
12 Replies
Member Since Nov 02, 2011
54 posts
Nov 29, 2011 at 21:57
I started Fresh (Yes busted the other account) in this account No trying new things, No trading Gold,(BIG mistake)
sticking to what I do best.
http://www.myfxbook.com/members/TheForexFox/stop-playing/199871
Ken--TheForexFox
sticking to what I do best.
http://www.myfxbook.com/members/TheForexFox/stop-playing/199871
Ken--TheForexFox
Trade the plan that works for you!!
forex_trader_28881
Member Since Feb 07, 2011
691 posts
Nov 30, 2011 at 04:34
Ken,
Just a word of advice. In that last thread not once did anyone mention trade sizes. It's all about prediction and direction. Trade sizes are far more critical than predictions and directions.
If strongly advise you to pay more attention to that aspect of the trading.
Just a word of advice. In that last thread not once did anyone mention trade sizes. It's all about prediction and direction. Trade sizes are far more critical than predictions and directions.
If strongly advise you to pay more attention to that aspect of the trading.
forex_trader_49132
Member Since Sep 30, 2011
12 posts
Nov 30, 2011 at 07:31
Hmm, did you wipe out your other thread?
Member Since Nov 02, 2011
54 posts
Nov 30, 2011 at 07:32
Hey Pip
Thanks for your advise, at what trade size do you think I should use 0.10, 0.05, 0.02, 0.20?
on a $500 start,
Thanks again
Ken
Thanks for your advise, at what trade size do you think I should use 0.10, 0.05, 0.02, 0.20?
on a $500 start,
Thanks again
Ken
Trade the plan that works for you!!
forex_trader_28881
Member Since Feb 07, 2011
691 posts
Nov 30, 2011 at 09:12
Depends on the rest of your strategy Ken. And the specific performance of your calls. What does the worst loosing streak look like? Can you survive it?
And if you drop trade sizes when you start loosing, how does that affect profitability ? What does the average losing streak look like?
Stuff like that.
And if you drop trade sizes when you start loosing, how does that affect profitability ? What does the average losing streak look like?
Stuff like that.
forex_trader_28881
Member Since Feb 07, 2011
691 posts
Nov 30, 2011 at 09:15
(edited Nov 30, 2011 at 09:16)
To try and trade $500 is near impossible anyway. Smallest change you can do on a account is about $120 to $150. That's the value of 0.01 lots on a mini.
Your account is only $500, so right off the bat the chances of that account making it is about 0%. See if you can get some books from Van Tharp. He goes into detail about it.
Also the reason you can forget about that $5000 in a week.
http://www.iitm.com/tips/Tips-MM.htm
Your account is only $500, so right off the bat the chances of that account making it is about 0%. See if you can get some books from Van Tharp. He goes into detail about it.
Also the reason you can forget about that $5000 in a week.
http://www.iitm.com/tips/Tips-MM.htm
Member Since Nov 02, 2011
54 posts
Nov 30, 2011 at 12:09
Hey Tim Berry The other thread is still here- $500 to freedom .
Yo Pip That $5000 in a week was just lucky, But starting with $500 to making a fulltime income is what I plan with a live account someday. My plan says it should take 14 to 16 weeks, Thanks for your input, I'll read that book by Van Tharp,
Thanks all
Ken--TheForexFox
Yo Pip That $5000 in a week was just lucky, But starting with $500 to making a fulltime income is what I plan with a live account someday. My plan says it should take 14 to 16 weeks, Thanks for your input, I'll read that book by Van Tharp,
Thanks all
Ken--TheForexFox
Trade the plan that works for you!!
forex_trader_49132
Member Since Sep 30, 2011
12 posts
Nov 30, 2011 at 15:28
Yep found it last night. Not sure why I didn't see it before.... :-/
Member Since Nov 02, 2011
54 posts
Nov 30, 2011 at 16:04
you would think by now I would know to place stop/loss in every trade, but no, So what happens, I go to restroom and when I get back the Eur/Usd shoots up over 230pips in about 3min blowing my account, I hope when I go live I PUT IN MY STOPS STUPID!!
needless to say Stop Playing II
http://www.myfxbook.com/members/TheForexFox/stop-playing-ii/200443
needless to say Stop Playing II
http://www.myfxbook.com/members/TheForexFox/stop-playing-ii/200443
Trade the plan that works for you!!
forex_trader_49132
Member Since Sep 30, 2011
12 posts
Nov 30, 2011 at 19:53
You scare me Ken ;-)
Member Since Nov 02, 2011
54 posts
Nov 30, 2011 at 23:03
Yea- but now you know why I'm still demo trading, Hahaha
Trade the plan that works for you!!
forex_trader_28881
Member Since Feb 07, 2011
691 posts
Nov 30, 2011 at 23:28
(edited Nov 30, 2011 at 23:35)
Ya well. I also traded through that and my accounts hit new highs.
What was your intended trade? Euro or USsd, see that move was Eur. Had you had a diversified USD position you'd have survived. But you had a EurUsd which is both a Euro and Usd position with to big a trade on it.
Trade sizes, diversification. Risk management, you could use a hedging order as a stop in a different pair. Using an actual stop is pointless. But of course to hedge properly you need to understand trade values and so on...
It's really not about where you put down the trade. It's about everything else...which is much more than a stop.
What was your intended trade? Euro or USsd, see that move was Eur. Had you had a diversified USD position you'd have survived. But you had a EurUsd which is both a Euro and Usd position with to big a trade on it.
Trade sizes, diversification. Risk management, you could use a hedging order as a stop in a different pair. Using an actual stop is pointless. But of course to hedge properly you need to understand trade values and so on...
It's really not about where you put down the trade. It's about everything else...which is much more than a stop.
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