you are welcome, happy weekend …
I came out with 10 pips for trade 29 too Horlique. My first week has resulted in a healthy profit for the first time in ages. Many thanks for your superb service, have a good weekend.
Thank you for your great info. I’ve made 90 pips on 2 trades this week and go into the weekend on a positive note for a change. Have a great weekend and looking forward to next week.
Ohh, very nice, very nice! How are you trading exactly? Are you also trading one zulutrade or manually?
no zulutrade just here.
am happy for you, lets end the week well, i will advise dont trade into the friday close due to gap.
you are welcome have a nice weekend.
I made about 30 pips on that one too 
Thanks
good to hear that, happy weekend.
You too! Have a great weekend
I will post my trading outlook for next week this saturday or before sunday open so watch out.
For records purposes; so far we have made [B]29 trades[/B]==== [B]23wins[/B] 6losses. Within these 23wins we have made [B]9home runs[/B](thats trade that gives us 2times reward like 100pips).
So statistically we are doing good risking 2% per single positions, 3% risk for more than 3 positions.
[B] 29 trades[/B]===========
[B]23 wins[/B]
[B] 6 losses[/B]
23 wins======== [B]9 home runs [/B]and 14 wins/breakeven trades
so please dont be over-confident to start risking more than the recommended risk of 2-3% per trade. Forex trading is a risky business, if we stick to this risk levels we will be able to make good money and accept losses without going crazy after a loss.
Its easier to be psychologically stable after a 2-3% loss than after a 5% loss.
I know that most of us are risking more than the recommended risk, i want to plead with you that after a lose(which you ‘‘bet the farm’’) dont come to this thread and make negative comments please. What destroy traders most is greed and over-confident.
No matter how many winning trades i have made am not moved to be over-confident and start risking big cos the market is no respecter of anybody. When one go against the trading rules the market punishes alot worse than you can ever imagine. So please be yourself no matter the trade outcome .
If you are just new here ,to be able to follow our trades go through this thread
Horlique, can I ask a question please? I always thought that the way to work out your risk reward for each trade is simply by doing the percentage calculation, e.g, 2% of a £500 balance = £10 per pip. This is obviously not correct. Do you know an easy way to work it out?
[QUOTE=“Moonie;511310”]Horlique, can I ask a question please? I always thought that the way to work out your risk reward for each trade is simply by doing the percentage calculation, e.g, 2% of a £500 balance = £10 per pip. This is obviously not correct. Do you know an easy way to work it out?[/QUOTE]
2% refers to how much of your total account you are risking on any one trade. So if your account is £500 and you are willing to risk 2% of it on one trade then your total loss for that trade should not exceed £10. Therefore, with a 50 pip stop your position size should be £0.20.
Superbly explained Jimney. No wonder I’ve blown my account twice now, lol. It’s clear now, many thanks for the reply.
if you account size is $1000 and you are risking 2% of 1000, that means you will be risking $20 per trade.
For example if the trade signal reads like this;
Trade 29 buy eurusd now
stops= 50pips
targets= 105pips
reason for trade; bullish signal
your lots= $20/50pips= $0.4 per pip= 40cents per pip.
so now your lot size will be 0.04= 40 cents per pip.
Meaning if you multiply 50pips*40 cents= $20(2% of $1000). You can also apply this to any account size.
The secret about money management in forex trading is to risk a fixed dollar amount per trade; meaning if you have $1000 account you will be risking $20 per signal/trade. Risking variable dollar amount is very risky and not ideal cos in the long run you will not make money.
this is a good one keepup the good job.
[QUOTE=“Moonie;511321”]Superbly explained Jimney. No wonder I’ve blown my account twice now, lol. It’s clear now, many thanks for the reply.[/QUOTE]
Yes, as Horlique just explained. Risk control/management is everything in trading. Never risk more than 1% - 3% of your total account. Trading is a game of probabilities and you need to be around long enough for the probabilities to work in your favour. Risking more than the above will result in a very short (and painful) trading experience.
Hope this helps. Sorry to butt in Horlique, but as you’ve already mentioned this is a crucial point that people need to understand.
this is a good one. Just Perfect
That’s quite easy.
If you have $500 in your account, and you wish to risk $10 which is 2% of your account.
You have to take your stop loss into account. If you are putting a stop loss of say 50 pips, you need to put in a position of 0.02 pips, that way your total possible loss on this trade is going to equal $10. 50 pips is 500 points movement, which is an okay stop loss but I still consider it tight.
Just saw this been answered my connection been really lagging on me today Oh well… I believe a bigger stop loss gives you a higher probability of a profit though, but one should always adjust their position accordingly, I’d rather have a 0.01 position with a 100 pip stop loss than a 0.02 position with a 50 pip stop loss, but every trader has his own way I guess