even though its a demo. 3 bad trades took half my profits. thought I had decent money management but I need to figure how to improve.
Your Risk & Money management doesnt seem decent to me. Dx
I agree, that’s the thing im having the most problem with.
I need to get better at before going live.
You have hit some good trades and thats a positive sign, but its good that you are trading in a Demo try to learn from these mistakes before entering.
I agree with metals… focus on that for a bit and then try live. You have part of it down well 
Yeah I gotta do more studying on mm. I must admit I put that on back burner to learn but as I see its just as important as picking good trades.
money management is THE most important aspect when trading. a few winning trades means nothing if you lose all that profit and more in a trade. it’s called eating like a pigeon and ****ting like an elephant.
Lol I lije that. Cause thats kinda how I felt when I added everything up. Maybe thiswill help new guys like me to but as much effort on the mm side also.
You make something that 95% traders can’t what is the problem :35:? Even when you pull out 1$ from this mad place (and broker allowed to withdraw it) it is a great accomplishment.
Noi feel good about the trades, believe me im not complaining. Im just showing that there is so much that needs to go into this market. I always heard have good mm but I didnt put enough effort into it. Im still not sure, where to begin getting better at mm
Your stops are too wide, perhaps? I see you make like $7 profit, then lose $12? Your RRR should be at least 2:1 or 3:1. Meaning your take profit point is 2 or 3 times wider than your stop loss. So your losses should be small compared to your profits. This makes it possible to lose more than you win ,and still come out profitable.
I don’t think its that complicated, you can just eyeball it and drag the stop loss so its closer to the entry point than your take profit point?
Correct me if I’m wrong, I’ve stopped trading on demos even so I can study price action and a few specific indicators more closely.
It’s all in my trading guide:
http://forums.babypips.com/newbie-island/68488-no-lie-trading-guide.html
For my Day trading some times tend to be a bit wild and you want to be fast when trading on 15mins
timeframe, I standby up to 4% risks per day, normally I won’t reach 4% (having standby is always good)
If you did not fully utilized your 4% today, doesn’t mean you can add on for tomorrow.
Everyday is a fresh new day = everyday risk fresh new 4% only
So $3k * 0.04 = $120 maximum loss a day
You will have to recalculate your 4% everyday.
Or you may choose to recalculate after losing your max trades (Recommended).
Meaning to recalculate your 4% only after losing your 4%.
[B][U]Risk : Reward[/U][/B]
Per day I know but how bout per trade?
It depends on your Risk : Reward ratios.
If your R:R is 1:2 then $120 / (1+2) = $40 per trade. Recalculate your 4% when you got 3 losses in a row.
If your R:R is 1:3 then $120 / (1+3) = $30 per trade. Recalculate your 4% when you got 4 losses in a row.
[B][U]Take Note![/U][/B]
Whenever you win a trade, recalculate your 4% and start from 1st trade because we want to lose slower
and gain fastest.
Hello,
There seems to be a confusion of two different things in this thread . . . Risk Management (which means limiting risk, often with stop-losses) is NOT the same thing as Money Management (better termed ‘Position Sizing’). The first answers the question “when do I exit a trade?” and the second answers the question “how many units do I trade?”
I can’t see the information clearly enough in the image that you posted, so I can’t tell whether your problem is with Risk Management, Position Sizing, or both . . .
Please note that although it isn’t “wrong”, what Jmarchbank says about risk:reward ratios is very system specific - it is perfectly possible to have successful strategies with high risk per trade than reward per trade - it just requires a high win rate, which is what Glennmaru has done a good job of explaining.
You are aware that there is a problem, and you are only trading in demo, so you’re doing everything in a controlled an intelligent manner - you just need to pin down exactly what the problem is to resolve it.
I hope that’s some help - just post back if I’ve not explained anything clearly enough.
Kind regards,
Nick