5 years! It’s a long time! Keep it up, hope for the best!
Frankly, the 1st 3 years were too much disturbing! But, I have improved a lot in the last 2 years!
I think, initially we all have almost the similar experience! But, which traders don’t lose their focus & interest on learning, end of the day, they are able to make money here!
We can achieve our pips target with certainly if there is most powerful analyzing trading strategy with good money managing plan. Otherwise not.
It’s true, but I think if we follow the market sentiment unless following our daily/weekly target that would be more useful.
A true guideline! In my early stage I focused on the pips number instead of the percentage! As a result, I lost huge amount of money initially because I wanted to make the daily target at anyhow! Definitely, that was a wrong way of trading!
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Actually it completely depends on your trading situation, if you are a newcomer should not fixed to earn daily target, because this target can make you emotional and arrogant. Yes instead of pips target sometimes percentage works greatly.
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when you plan your trades, you set the SL and TPT measured in pips! but in order to get these pip levels it makes the most sense, to relate them to percentages. for example, if I have 250K USD account, if I wanted to risk 1% on a trade, that would be $2500.00, so what you do, if you want to risk $2500, 1% of your account, do the math, .1L is at about $1 a pip thats a 2500 pip SL sort of extreme, so you instead use a 1.0L which is $10/pip so your SL would be 250 pips (1% total risk if SL hit).
see how this works? its how professional traders set their lot sizes. so what you do is select the SL area, then figure out what size order to place based on your desired max risk per trade or account.
So if you determine that your SL only needs to be 25 pips then you can do a 10.0L order with a 25 pip SL, which is risking 1% of account.
and in the end, its far better mentally to think in terms of percentage gaIN PER DAY, or week or month or year.
pips are only a measurment of movement! and obviously 25 pips at $1 a pip is only $25 of risk but at 10.0 lots thats $100/pip risk.
risk most logically is figured in percentages of account. then converted to pips to get the stop levels, and while 3:1 Risk to reward is great! its much harder to find get and make and complete those, risk to reward isnt important to me, but I consider it!
You sure dont want to risk 250 pips for a 25 pip reward, because you need to win more than 90% of your trades at that rate just to BreakEven!
Even, if you are a regular customer don’t follow any specific target since, there is no guarantee in Forex.
It’s a good message with nice description. Thank you ram. Good luck
An absolute pleasure to read. Well informed and illustrated points throughout.
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I think on balance you are correct to consider a trade in terms of percentage gain rather than pip count. Typically, I’ll look to risk 1% of account balance in a position but that will usually be made up of perhaps five individual trades of 0.2 % positions at various entry points on an overall move. I trade the five positions as a whole and will close out all positions at a given point. Some will be in profit and some not. The point is in a winning trade the trade as a whole will be up by a given percentage of balance and I care not the number of pips the position has made.
You can take 10 pips at the risk of all for a while. Then one day, lose your deposit. I do not know what will happen before - the loss of a deposit or its doubling.
This is really horribly wrong.
It isn’t. No “professional” trader would dream of following this advice. No profitable trader would dream of following this advice, either. No trader with any experience would, either. It’s exactly the opposite to what people should be doing.
The important thing is to allow the stop-loss to be determined by the chart, your trading-plan, your edge, and what you’ve tested and proven to be successful over the long term. Then AFTER determining the stop-loss, you work out from that and your pre-set risk-parameter what size the position should be.
Determining the stop-loss level from the percentage of the account is exactly the opposite of what anyone should do.
It’s really disheartening, to see “advice” like this being offered, here. It’s not helping the forum or its members.
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I strongly agree with Lukas here on this point
Lukas said
i’m not a professional
I am a PROFITABLE TRADER
and i personally agree, this advice is bloody stupid
what Lukas said is correct
also by your trading Plan
also by what you have tested… MOST IMPORTANTLY BY WHAT YOU HAVE TESTED TO BE CORRECT.
and then
Yes, After determining the stop loss position, and before placing the trade. figure out if the risk is acceptable
so… IF IT HITS THE S/L will you be ok
LUKAS IS 100% CORRECT., i concur with his comment.
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My real concern is that this looks more and more like the “David Branco fiasco”.
I’m not suggesting they’re the same person, of course.
But the pattern of behaviour is obviously very similar indeed.
- The person is here to promote something (website/service/whatever)
- They post with promotional motivation
- The moderators conceal those posts and contact the person (maybe by automated messge)
- He takes no notice and carries on doing it
- The “advice” offered by the person is really horribly, shockingly bad, ridiculously so
- It’s obvious from the person’s knowledge-level that it’s far easier for them to earn something from “mentoring” or from affiliate commissions or whatever else than it is from actually trading, themselves
- More and more regular members gradually realise what’s going on and get irritated by it, and increasingly they say so openly
- This leads to a bad atmosphere on the board and helps nobody
- The problem is left to fester and brew up and gets worse until eventually it’s attended to, only after real damage has been done
That’s what’s happened with several other members here, over the years, and it’s happening again now.
Is it possible for the forum to do something about this situation please, @Pipstradamus ?
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where is the HAHAHA button? are you a new trader Lukas?>
It is - we all agree, about that. (It’s consistent with the other “advice” he offers, though).
I agree. Well, you’ve summarised the situation very well and accurately, with your longer post just above.
The moderators are aware of what’s going on here, and are becoming increasingly sensitive to these issues in which the forum’s abused and filled with nonsensical “advice” offered for promotional purposes. Don’t panic - it will doubtless be resolved soon enough (particularly if he keeps making personal comments like the ones above).
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Where is the HAHAHAHA button indeed
Lukas is not a new trader by any means , mate
hey ram
Ok
-
firstly, you could really show some respect
-
Secondly… re this
first of all, your comment is stupid and has nothing to do with what he asked
but secondly
ARE YOU A SUCCESFUL TRADER ?
I am… and I AM SAYING YOU ARE WRONG… ok
so, Who are you and what is your trading experience that you would prove me wrong.
you seem to be wanting to argue with @LukasVisser now and you are basically spurting out irrelevant crap
What Lukas said to you is correct
i mean this statement is really really dumb
so…???
do lawyers not have jobs
What a stupid statement
Mate, LEARN SOME RESPECT OK
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