I read his post earlier today saying that he’d had good food at Applebees. I’d be willing to acknowledge that that is probably not true. I’d be fairly surprised if anyone’s had good food at Applebees. If it helps, I admit that the food at Applebees is not good despite ICT statements to the contrary today. I say this knowing that I am contradicting my teacher and at the risk of being unaccepted by the ICT BP crowd… and of course by crowds at Applebees.
Please show the exact quote where ICT said he purposely place a trade to lose and not hoping for a win. Please show. If not, you are just trying to put words into other’s mouth. Again, is nitpicking your middle name?
Helping people? You mean helping to inflate your already oversize ego? The only nutcase I see here is you. Harping on something that is non-issue. So far you have not show the exact quote where he said he place a trade intended to lose.
Thanks for detailing your trading plan…I find it very informative. I have a couple of questions
Having only one open position at a time:
Does this include risk free trades (already at BE)? Do you have this rule because of the high correlation between the currency pairs you mentioned or for some other reason?
Risk per trade of 3%:
Since you reduce risk after losses, your average risk will be lower than 3%. For example 50% of trades at 3%, 25% at 1.5% and 25% at 0.75% will produce an average risk of 2%. Shouldn’t this be factored into the targets?
Also, compared to this approach are there any disadvantages of keeping the risk percentage fixed (e.g. 3%) but recalculating the risk amount after a fixed percentage change in the balance (e.g. change of 5%) or at the end of each month.
$ per pip and pip goals:
In case the $ per pip changes (due to lower risk or different SL) the pip goals would also need to be recalculated. Are the $ per pip values for illustration only as they might conflict with risk requirements?
Risk to Reward:
Is there a target risk to reward ratio? Do you consider that a static R:R target might adversely affect trade management?