Got you! I wouldn’t want to be stuck making the same profits every day trading. You will never stop learning when it comes to this industry. If I’m making enough to replace my income, then of course I would want to grow and improve my skill set even more, time is the world’s greatest currency, so I want as much time to do what I want whenever I want
Lets use the account that was shared above, by @rrram2. (hope you appreciate that i’m using this as a relevant live example)
Yes he’s had a great run, but currently he holds a staggering 82 open positions which are accounting for a loss of -44% of his entire account. Yea fine, keep your losses open and just close your winners in order to maintain a good hit rate, but give it time and you’ll be margin called. This is simple, it’s rule 101 - basic stuff.
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Believe it or not, that is how I used to think, when I started trading oil, I had a 100% win rate for over 2 months.
2 months, 2 weeks and 4 days I believe.
I had an account with £350 and was trading every single day.
I was lucky that I always withdrew profits every night, so the account balance the next day was £350.
Even though I had more than tripled if not quadrupled my account, the day came where I was long and news came out that there were more oil rigs or something (still don’t know what the exact news was to this day).
And my account tanked hundreds and hundreds of pips in 5 mins and blew out.
That was the best lesson learnt tho - after your first loser, its all good.
You are now a loser like everyone else, all that matters is how often you lose.
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You will get to the point where you won’t even need to trade every single day.
Depending on the route you take you might only be trading 3-4 times a week or even a month.
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yup, one of my mentors right now says he only trades like 2 weeks out of the month. I’m working hard to get there
No idea why someone would trade with so many positions - if it’s to get a nice record for this Myfxbook everyone seems to love, then fair enough.
And why so many trades for the same pair, i.e. USD/MXN - is this some kind of Martingale strategy.
It might just be the fact I’m old school, but I rather put in 3 hours of analysis for my top 3 pairs that look juicy and have the potential to make a 20% return in a week, bearing in mind I got a 17.5% return today - than take loads of small trades.
It reminds me of a scatter gun approach.
Records are vanity, profit is sanity.
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Yea, seems that way, doesn’t it - just looks illogical to me, but each to their own. It’s a ticking time bomb…
82 open trades! Nobody knows whats happening when they are closed.
here it is the whole account after 4 months. I am going to take my profits out and open another at another broker with my latest bot 
only a 96 profit factor 
nothing will change in 8 more months , it wll keep going the same
only a 96 profit factor nothing will change in 8 more months , it wll keep going the same
average consecutive wins 96. I was hoping to raise the profit factor actually. but ive been conservative, mostly.
focus on whats real, no stop losses, and DD, its the management of your DD thats the real secret to trading. the DD is fine, actually lower than its been on average over the life of the account. The more orders the better, think proper balance, orders on = risk on, the more risk you have on the more risk you will be able to take off later. Getting good entries is great, but more important is managing the exits. yeah oil went a good bit lower than I expected, but think about this the orders that filled I placed intentionally, and were for the most part pending orders, so they were there waiting for price to come down. My only regrets on the oil trades is that my broker has raised the negative swap on this one from -.37 to -3.72 which is significant, so the 13 week rotation I was looking for isnt looking good filled with -swap that will erode the profits on any long term trade.
I only trade tueday through thursday 
I dont know why someone would use so many orders in one pair either, unless they were trying to make many profits.
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I completely disagree with this, but each to their own (the beauty of speculating, so many mixed opinions)
However, when you tell me to focus on what matters? You have a running P&L of -44% from an account watermark, however you are ignoring this ‘live drawdown’ because the trades are still open - it’s naive to just look at drawdown from trades which are closed.
Your equity growth curve is what matters here. Your account is not even in profit right now against total deposits made? So perhaps this is an area for you to focus on, because that really should matter 
Anyway, no point beating a dead cat - best of luck for 2019
Good spot.
I don’t really get all this verified track record stuff.
What we saying here, he has made $3090.68 in deposits into his account? And the account balance stands at $4555.50?
To a non gridder / averager / hedger I can see how this would look dangerous but providing he has a safety net strategy in place it will and does work.
If he’d used a stop loss the above orders would have long been losers but the potential to win here is in the large drawdown … it isn’t always a bad thing if the strategy to recover is sound and will eventually empty out straight into the equity.
One such strategy might be this:
Lets say he’s been averaging down on EurUsd and has ten Buys in place, he may be slightly concerned that it will run on and crash him out so he puts a hedge in of five sells … if the price carries on worsening it has slowed the rate of loss by half and he can carry on averaging down but if the price comes back he’s 2/1 in the right direction.and heading for profit.
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Well done Barrigan. There’s an exception to every rule.
Also… Lets say disaster strikes and the price is threatening the whole account he could hedge the lot, free up some margin and deal with the problem piecemeal.
Isn’t this just the Martingale Strategy.
Nothing like a martingale. Try reading it again and you’ll see that unlike a martingale you are lessening your position and not increasing it.
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