Its ups and downs as always, Iāve been almost killed myself when I lost so much of money.
But after some consultation , Iām still here back stronger and earning living out of it.
See u at the other side ! Good Luck
Thanks for the reply/comment H2T!
Yeah, thankfully I only took a small hit when the market burped. Some others took a pretty good beating. I think that stems from the fact that my numbers and lot sizes were much more conservative than others. Even still, I have backed my numbers back even further. It is working and, given another market test, it should continue to keep chugging along. I am quickly approaching 100% gain in my big account and am over 30% now in the small one I started April 1. Pretty happy with the results. No more āwhite-knucklingā it if I can help itā¦hence the even more conservative (less greedy) lot sizes and TP targets.
Good luck with your trading and thanks again for your post!
~knotthead
For those interested in my lot size and TP targetsā¦ itās quite simple. With this ratio your risk is minimalā¦not saying there isnāt risk mind you. Obviously, the smaller the lot size the less risk.
Iām running 12 pairs (either on 1M or 5M - mostly 1M for me). Here are my current settings.
Acct size: $2k
Lot sizes are .01 for the initial position, .03 for the martingale.
Take profit target is $0.50 - this averages out (depending on the pair) to be about 5-7 pips needed for a TP on the initial position. If a martingale fires off I usually only need about 2 pips in the positive to TP and close both.
Averaging 150 trades a week (currently) that equals about $75 per week, roughly $300 per month
Acct size: $4k
Lot sizes are .01 for the initial position, .03 for the martingale.
Take profit target is $0.50
Averaging 150 trades a week (currently) that equals about $75 per week, roughly $300 per month
Acct size: $8k
Lot sizes are .02 for the initial position, .06 for the martingale.
Take profit target is $1.00
Averaging 150 trades a week (currently) that equals about $150 per week, roughly $600 per month
Acct size: $12k
Lot sizes are .03 for the initial position, .09 for the martingale.
Take profit target is $1.50
Averaging 150 trades a week (currently) that equals about $225 per week, roughly $900 per month
Acct size: $16k
Lot sizes are .04 for the initial position, .12 for the martingale.
Take profit target is $2.00
Averaging 150 trades a week (currently) that equals about $300 per week, roughly $1200 per month
Acct size: $24k
Lot sizes are .05 for the initial position, .15 for the martingale.
Take profit target is $2.50
Averaging 150 trades a week (currently) that equals about $375 per week, roughly $1500 per month
You get the idea. As the account increases to the next ālevelā you raise your lot sizes and TP targets. That way you risk ratio remains about the same as the account grows. Note: These are my numbers and this results in meeting my comfort level. Prior to these numbers I was running .01 and .03 for every $2K in the accountā¦and though it was churning and burning making me over 10% per month, when the market decided to get testy I white-knuckled it for a month. I have moved my numbers back to a more comfortable level. If I only make 5-7% in a monthā¦Iām perfectly happy with that.
Anyways, just thought Iād share since several folks have asked about the lot size/TP āscheduleā.
As always, happy trading and good luck out there!
~knotthead
Robots may be successful in Forex Trading, but I prefer to trade manually. As like that you cannot have control over your trades. Thus I like to have the control on our trades and thus I like to trade manually.
Me too. Trade manually is the best
@Whack_Attack, Alanlim3.
I sure can respect that. I too like trading manually but the elusive thing called time escapes me. I do trade manually in a small account (price action only). It still gives me the thrill of trading whilst my other two bot accounts keep churning 
Good luck out there!
~knotthead
Hi Knotthead,
I am still learning and trying to get the hang of the EAās. I saw that you said you have a spreadsheet being used for lot calculations. Could you share that with me? Also, any tips on configuring an EA best for this trading plan? I have multiple EAās but have not been able to setup the configurations quite as you described. My closest attempt resulted in a run away Martingale.
I really appreciate all of the information that you are sharing with everyone.
Thanks,
Pacificscorpion
Pacificscorpion.
Thanks for you post! See post above for lot sizes and TP targets based on account size. Iād like to take the credit for building the EAs I use but I canāt. I purchased mine. Hit me up on a PM and Iāll let you know where I got them.
~knotthead
Hi, Knott. I havenāt posted on BabyPips before (that I can recall). How do I PM you? Iād like to find out where you got the EAs. Thanks.
PacificScorp, do you know how to PM Knott?
Mary4x
I googled how to send PMs on BabyPips and I canāt send one until Iām made 50 postsā¦
There are many ways of trading with Forex Trading, one of them is the Robot, but I prefer to trade manually as it can allow us to make as much money as we want, while Robots create a barrier of earning as the money not earned is the money lost.
Thanks for the post Whack_Attack!
An old friend of mine once said āIād rather lose opportunity than moneyā. While there is some truth to the fact that if I held on to positions much longer (in many cases) I would have been able to āearnā more. However there are two major points at play here. 1) That is a double-edged sword. You can also end up losing on a trade if you donāt take profit at the right timeā¦holding on to it too long and 2) that requires using the human emotion to dictate when to hold and when to take profit. Sure you can set rules to trade byā¦but eventually emotion takes over. There is a sense of thrill when manually tradingā¦I admit it. I love it. Andā¦EA trading does take the thrill away to some degree. In eliminating the human emotion from my trading I have become much more profitable, less stressed, and I sleep at night not having to worry about whether I should close a trade. The bot takes all of that out of the equation and the system takes the worry of margina calls out of the equation as well. So if you set your bot to open, close, lather, rinse, repeatā¦and you put your trading strategy into a bot that does all of the work for youā¦where is the downside here? Itās still your strategy, youāre just not having to watch charts all day and physically pull the trigger each time. Take for instance this morning (or most mornings for me). I wake up, check my Myfxbook and see that I have had roughly 30-40 trades overnight during the Asia-Europe sessions and Iām already up $100+ for the day. The bot made money for me while I was sleeping. I didnāt have to stay up all night watching 16 charts and pulling the trigger in order to achieve that.
Again, to each their own. I too enjoy trading manually and I do it in a smaller account, only trading price action reversal patterns. Itās fun and more of a hobby. My bot accounts just keep churning for me and is my bread winner.
Trade what works for you. This is working for me and Iām ecstatic each morning. Let me know if you have any additional questionsā¦always happy to share my experience. Good luck out there!
~knotthead
Hi, Knotthead. Just got your email but BabyPips wonāt let me replyā¦ Or something. Says I ādonāt have permissionā¦ā
How about if I post my email here and then immediately edit or delete it? (I know weāre cautioned about posting emails, or other personal info) Oh, wait, youāve already go my email, correct? Then I guess youād have to not use babypips for me to reply.
Mary
Hey Mary4x.
Donāt put your personal stuff up here. You might start getting tons of spam (since this is a public site) or worse, may get some phishing attempts tossed your way. I sent you a second message. Let me know if you received it.
Also, Iām trying to be as transparent as possible with this āstrategyāā¦if you want to call it that. To reiterate, my main focus for this thread was that in order for any trading strategy to work (whether automated or not) is to be conscious of your lot sizes and take profit targetsā¦and base them conservatively off of your account balance. That way you are risking the same percentage (roughly) on each trade whether you have a $1K account or a $1M account. Somehow this has shifted to a bot vs. manual trading ping pong match
Good luck to all out there!
~knotthead
Hello Knothead
It seems that you are an expert trader and for you it would be easy to lose opportunity than money as you will be knowing when the next one will arise, I was talking about the newbies like me, we should not give away opportunity, instead if we lose while taking it, we will have the most valuable thing of Forex and that is experience. While if we donāt take opportunities because of the fear of losing, we aināt earning anything.
Hi, Knotthead. I just now tried to send you another message the way the last one was sent. BabyPips stopped it. Just wanted to say that Iād love to try the robot but I donāt have the $$$. Thanks, though. Maybe sometime in the future.
Hi Knotthead - Did you receive my inbox message I sent per your request?
Thanks,
Pacificscorpion
Thanks for the post Whack_Attack.
Iām no expert. When I start living off of my trades I might consider being good at itā¦but Iāll never be an expert Definitely trade a system that you are comfortable trading. If trading manually and holding on for the big winners is something that is working for you then by all means do that! I was trading purely price action signals at support and resistance lines on the daily charts and really enjoyed it. With the daily charts it meant that I only really needed to watch it once or twice a day for about 20 minutes. Prior to that I felt like I was watching charts all day. To minimize the need to look at and analyze chart patterns, I switched over to mainly trading with EAs. For me it is less stressful and frees me up to do other stuffā¦plus it takes all of the emotional parts of trading out of it.
I agree that if you donāt take opportunities for the fear of losing then you arenāt learning. Just donāt go chasing waterfalls
Good luck out there!
~knotthead
Hey Mary!
The bots arenāt that cheap, I agree. Howeverā¦I made that money back in less than a week trading with it/them. I think you get 9 or 10 of them. The thing is though, I think you can use pretty much any bot that does what it says it is supposed to doā¦the lot size/TP ratio to account size is the major piece of this. What I would do if I were youā¦set up a demo account, find an EA that uses the martingale, is very simple, and runs off of one (maybe two) indicators only, run a handful of pairs and follow the lot size/TP schedule above. Watch the demo account for 2 months and see what it does. Demo settings:
$2k
Run 8 pairs - try these: GBP/CAD, GBP/JPY, GBP/AUD, EUR/JPY, EUR/NZD, AUD/JPY, AUD/CAD, USD/CAD
Set your lot sizes: .01 for first position, .03 for second position.
TP target: $0.50
Note, the draw down will follow the profit for a while. Eventually the profit will exceed the draw down. When you get the account to $4k, move your lot sizes to .02 and .06 with a TP of $1. Lather, rinse, repeat. After two months if you are making money in your demo account, set up a live account and do the same
There are a ton of free EAs out there. Grab one that makes sense and start demoing!
~knotthead
Thanks, Knotthead. I got your email a few minutes ago. I saw a Martingale EA yesterday somewhereāhave always shied away from Martingale but if you say itās okay Iāll give it a go.