I"m new here but have had a look around, very impressive. A simple question I have, what are fellow forex traders expectations?
I see a lot focus on win %, but is that not irrelevant. If you can get a system win between 40 to 50%(random), and have your target profit double your stop loss, eg 50 pip target, 25 pip stop, then you have a profitable system.
Money management, choose your % risk and as your account grows put on more pips, as it decreases less pips. This way you can cope with approx 25 consecutive losers before you blow up your account.
Simple system - just before UK open or before UK news put in two potential trades.
Buy trigger 15 pips above current price.
Sell trigger 15 pips below current price.
Profit target 50 pips, stop 25 pips.
Once one trade triggers, the other cancels.
Actually both win % and average profits are irrelevant. They are merely pieces of a puzzle called expectancy. The reason is simple, in any system, if you increase your target, your win% will suffer and if you decrease your target, your win% will increase, in turn. Thus, expectancy, in layman’s terms, can be considered the “slope” of that relationship. 0 expectancy suggests you make nothing and lose nothing. A positive expectancy suggests you will ultimately make money (however, you can still go broke with crap money management). A negative expectancy suggests you will lose money (and there ain’t no way to change that unless you change your system).