Right. Dealers don’t like us day traders because its difficult for them to counter trade our position. How do you counter trade a position that is manually controlled, has no SL or TP and will be closed in minutes not days or weeks. I control everthing about my trade.Pyramiding is a MM strategy for position traders. And a good strategy. Not going to do me any good when I’m only chasing 10 pips.
The myth that postion trading is the most successful style of trading is exactly that a myth. The most consistant and greatest returns are generated on the lowest of timeframes. The tick chart. A money markers nightmare. Here pyramiding has no business.
So I say again. There is a holy grail for everyone. It is as unique as the speculator that made it and is an extention of themselves. Doesnt matter if its a 4 figure or 6 figure account. Hobbyists or professional. But since we are talking statistics, if you all are doing the same thing then chances are you’re pissing into the wind
Whenever your stress levels begin to rise you really should take a deep breath, read your post back, employ a spellcheck so you can correct any obvious gaffs & then hit the submit post button. It will at least make you [B]appear[/B] as though you’re in control of your emotions.
It’s exactly the same process when participating in the market!
Because if you’re as flaky in the market as you quite apparently are on an open forum you’re going to get yourself into all sorts of trouble. Calm down.
Dealers don’t need to counter trade tuppence h’apenny accounts.
They pay absolutely no attention to your models whatsoever in the retail space.
Your orders net each other off internally & the firms simply manage their overall risk exposure in the wider marketplace for each asset class, but then if you actually knew what you were talking about you’d already be aware of that.
Nobody mentioned position trading was the most successful option. And pyramiding isn’t exclusively reserved for that type of participation either. Once again your lack of knowledge & experience is glaringly exposed.
On reflection, & given your lack of generic knowledge & experience, perhaps you might want to take a leaf out of my book & rein in your forum exposure until you’re sufficiently competent to dispense advice to fellow newbies.
Enthusiasm, although commendable, is no substitute for knowledge or competence.
All o y’all need to get your minds out of the universe, into the metaverse, questions like how much exactly and ‘when exactly’ do not befit forex trading. Everything is relative as uncle Albert has decreed, therefor you should never risk more than you can afford to lose and you should never put more on a trade than you are comfortable with depending on your way of trading.
There is no one size fits all, theres no golden grail, there is trends and there is ranges and whatever you build starts from there. Your own mind is a part of your trading you can not afford to ignore
i sound like a madman because i am
the mad gotham joker trader
but apparently so far it works for me, complex adaptive systems, i can recommend the quark and the jaguar by murray gell-mann even if it has nothing to do with forex, it has everything to do with the metaverse, even if the author probably wasnt aware of the term back then.
You should not risk more than what you’re comfortable with, if anything you do causes anxiety of any kind you might rush into decisions, bad ones, like fixing trades with trades, or trying to beat the market since after that many bad streaks you’re bound to have a good one, stuff like that
you should always feel comfortable and prepare for any day the crisis comes since investors as they’re called are a knee-jerky lot
thats all i can say, it probably doesnt make sense if you’re the kind of person that needs everything to be measured and categorized, forex is not an exact science, its the art of approximation and probability
Great example of the [B][U]very few[/U][/B] times you can use “never” and “always” pertaining to forex trading. Most of the time when it comes to what you should or shouldn’t do in trading the sentence should start with “Almost always, or Almost never”, however in the great majority, the sentence should start with “Depends.”
Here’s another example " you should never hijack the original posters thread; if you want to go at another trader, should always start your own thread or private message each other."
One more example. You should never hijack the original posters thread and should always respect another traders opinion, even if it differs from yours.
“godzilla,” In my opinion answer to your question would fall into the no. My reasoning is you’re new and still getting familiar with trading. So for now keep it simple and don’t change your risk when you drop down. Learn how to crawl first. (basics) then walk (apply your basic understanding to practice) then run (in your practice account try out and see how the different measurements of risk can affect your bankroll)
then race ( here’s where almost and never change to almost always and almost never).
Knowledge can be obtained, incompetence is what my grandfather suffers from. There is no substitute for a dream, passion and work ethic to form the foundations of any business model.
Who gives two hoots what my broker does with my order. I know yours and my order never makes it to the market. How my broker conducts his business is exactly that his business. If I don’t like his model I find another. As long as the moneys there when I make a withdrawal I’m happy.
There is no one grail. How the individual goes about using the many and varied tools available to them is their business. At the end of the day you answer only to yourself.
There’s no doubt my brokers is more interested in your large account vs my modest one. You are a higher risk. You also generate a higher return.
But we also know that managed accordingly and given time a modest account can grow substantially. And I believe there are a lot more modest accounts here at BP than large.
Does than mean we don’t have the right to stand up and share our experience. Of cause not. We normal everyday Joes of the world have the ability to say don’t listen to the **** that flows from the mouths of devil spawn marketers and believe only in yourself. God knows you’re not going to share anything useful!
Godzilla, once again your questions are without context and when two opposing views collide this is what happens. Only you understand your goals. Only you understand you method. Only you can answer this question.
Just want to add to what pipcrawler said earlier… You need to test your strategy on this 1hr timeframe over a large enough sample size to get some statistics first, such as, average no of trades per day, max drawdown, max no of consecutive losing trades and so on… When you have this data, you then can calculate what is a suitable % risk per trade for your strategy such that your account won’t suffer a big loss in the worse case scenario.