We are all going to win big!!
Hi @The_Baller, I would like to show you my risk management before starting with my real account.
I’ll start with a 5k account (amount I can afford to lose), my position size will be 0.1 lots and I Won’t open more than 6 or 7 positions.
My risk for position will be 5%, could be a little more, I’ll use TS well away and out of the noise.
I won’t use TP, i’ll leave the position until It reaches the obvious S/R level that I’ll previously have marked in my analysis. (I’ll pay some pizzas with what I earn, I think that motivates anyone).
This way of investing helps me a lot in my current situation.
I appreciate any opinion or rectification you can give me.
Apart from this I would like to know what kind of risk an inversor like you has in accounts of 100k or more, is also 5-10%?
Thanks my friend.
All of the above is sensible to me, but if you want a SL well away from the noise, at 5% on 0.1 lots it might only be 250 pips, you’ll either need to increase the risk or reduce your position size to keep it truly away from the noise.
It’s almost always 10% regardless of account size.
Hi bro, sorry I had to interupt, please comment me too.
I had close all my wins of last year and made a new account with a revised trading plan for this year of 2020.
Similar to you, this is some part of my plan, please comment and criticise wherever possible:
-Starting acc $2100
-max position per market pair 0.01 lots, 0.02 lots if I’m hedging.
-max market pair 21
-max position 21, 42 if required to hedge all pairs.
-21 because 21 of the most common market pairs in forex excluding GBP pairs.
-NOT touching GBP untill atleast July 2020 or Brexit conclusion.
-max risk per position 1%-5% depending on R:R ratio.
-SL’s are depending on R:R too but atleast 10 to 50 pips or away from daily/weekly range.
-trailing SL’s only on obvious SNR’s.
-No TP unless there is obvious SNR’s
-I will play more PUBG mobile and spend more time with my family and loved ones.
Thank you in advance.
Each strategy ultimately boils down to what each trader is comfortable with, as long as one thing is kept in mind, staying away from the noise - you’ll always be in the game, then you’re free to trail in, scale in, do whatever you think is best.
From what you’ve mentioned, you will be fine.
This is what trading is about, not sitting at the screen 24/7 - then its a job.
Just reread the rules!
One rule is to stay away if the pair’s range bound on the monthly chart.
Currently, would you consider AUD/NZD range bound on the monthly or would it have to be “tighter”?
Thanks for all your posting it’s been very valuable!
Thank you for advice, It was the point I most doubted.
I’ll increase the risk about 10% (each trade on its on merit) and reduce the maximum of open positions, I prefer to see little DD at the beginning to prepare my mind.
Definitely tattooed in my mind.
Thank you, I understand that in the end everything is simple and it’s more learn to handle large amounts over time.
I’ve read this thread many times and I’ve taken notes accordingly,
the rules are simple and clear and all that is needed is written.
But, people like Baller that continues to share experiences and their opinions, really help people and is a great psychological boost for newbies.
This pair has been in a bit of a strange range since 2013, personally I wouldn’t go near it myself, to me, a range is a range.
Although there might be people willing to risk a little for a lot, depending on how this current candle closes.
There could be a lot of upside.
Tx for your input.
Thank you brother…
Every time you personally reply me, you not only boost my psychology, you also boost my profits.
Your words are wisdom.
In other words, you spit gold.
And I can’t thank you enough.
Good start to the week!
Yesterday I was looking at the charts and I saw that the AUD/CHF is in all-time lows
I would like to know in this case if you enter and what do you consider when there are no supports below.
Personally I don’t really enter the unknown, purely because there’s no historic support levels to look at.
Having said that, there’s big money to be made if you have the right risk appetite.
I really appreciate it.
Tecnically speaking the AUD/CHF has reached a major support level known to many.
But also technically and historically the AUD/CHF has made a few major downward spikes before returning to its current level on the monthly chart.
Considering that the global financial situation now is on a low risk aversion and the history that Uncle Sam never failed to settle their previous disputes in a horrible manner.
I strongly believe safe havens like JPY , GOLD and CHF will continue to strenghten.
Including the last morubozu candlestick on the monthy chart, I also believe banks will provide liquidity for the many traders longing at this support before ending the month and continuing the major move.
A direct short now has no good R:R and a long would be crushed by the spike.
So, my saffest bet is to place buy limit order at 0.6077 where the price has historically spiked with a relevant SL and a TP at the current price level.
If not, I would just hedge this untill I see a logical price action on the monthly time frame.
Or the saffest move is maybe just to be on the fence.
Just my 2 cent, GL.
I MADE A LOSS
Okay so my finger slipped this week, you can’t reach for a slice of pizza and control the mouse at the same time.
Drama aside, minor loss, made up for it pretty much straight away.
This weeks profits, £584.75.