To be in control of bad trading days one has to have proper account protection. Down days are part of the whole and they will 100% surface even if there are long streaks of winning days. Predefined protection is needed for the account. The question is how to set up such a protection, that will actually work for the trader?
Account protection on a daily base should be defined before the trading day starts. The trader can set a limit of loss for the day, taking into consideration the account size and the trader's risk tolerance. To give an example 2-4% loss for the day of the account, if it hits the trader immediately stop trading because the predefined loss is reached, which the trader himself have agreed upon. Everybody has bad days and on those days the losses has to be limited.
Also a predefined profit target should be set, to lock in the profit and minimize the risk of drawdown from that point of the account, example 4-6% profit for the day and the traders stop trading. Several stop loss and target levels can be also be set so the trader knows exactly before the trading day starts, how his protection is.
To be in control of a setup like the above suggestion an RMM robot, EA, cBot or other algorithm needs to be running in the background. To handle this manually without a robot is nearly impossible because of the fast moving market, emotions and stress the trader is faced with. More information can be read how to protect the account and other risk management strategies on RMMRobot.com
marketshark382 posted: It will check your credentials again if you were timed out for not executing a trade in past xxx seconds, and just this adds latency and slippage to your trades. That's why it is normal to not get the price you see on metatrader, because by then the price has moved already.
I believe the re-authorization stuff was fixed in metatrader 4 more than a year ago.
Are you able to use an autotrading system. I have seen that some of them are really good. I have opened demo accounts with some of the top few providers and they have all returned a profit for the last few weeks. If interested we can fine tune the list. BTW I am in Virginia
I have have been trading Forex for 10+ years and working on my trading skills including my mental skills (every thing you can name) as well. I could make 6 figures profits in short period of time. If I can avoid the one bad trading day(s), I should be able to make 7 figures a year. However, I always lose big, very big on the one bad day(s).
After I sew some many great traders and trading systems dispersed in here or other forums, I think trading by oneself can not make one a life time winner. For this reason, I am looking for a live trading partner who can follow my rules to help me to avoid the one bad trading day(s).
Please contact me if you are a full time trader and are located in San Francisco bay area. I trade my money and your share my profits. All you need to do is to come to my trading place (you can work remotely after everything is set) on time and watch me trading.
you dont have that trading 'SKILLS', trading skills means you can trade 'without fear', you still cant trust your own system or strategy. and your MM is weak. train more hard and you can prove that you can acquire that trading skill you still looking.