aliassmith wrote:I just looked at that EURCAD M30 chart. The average bar size is greater than 10 pips most of the time. I also measured some moves and there was some moves from 8 pips to 90 pips. Setting a 10 pip TP on every trade seems arbitrary. Look for sticking points to exit, such as extremes and zero lines for starters.
$25,000 account risking about .5% on a trade would be $125 risked. At $10/pip you would have about 12 pips as a SL and target trades where your TP should be 12 pips or greater. Enter with multiple smaller orders so you can scale out at various places to shed risk and lock in profit. As you gain profit you can distribute it over the next 3 entries for larger orders or bigger SL size.
That's some good food for thought
I actually assumed that once my account reached $25K, I would
somehow be a competent enough trader to bump my EntrySize up to 4lev (currently, it is 3lev), 20pips @4lev being .8% risk
Maybe I should take a look back at your 4-Phase money management, I used to be in love with that
aliassmith wrote:How you envision yourself trading and what actually makes you money may just be different things.
I can see myself losing sleep over this idea you have put forth
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