tom7ak wrote:
I am not sure if i was invited or not, got in anyway and quite enjoyed it till i booted myself out with a loss
You don`t trade any more, do you? If so why did you stop?
I added Ted`s book to my list, thank you
Risk pips per idea, not pips per trade.
If you risk 20 pips, lose 15, & your current position size can be divided by 10 then you have these options:
(10/6)5 = 8.33 pips
(10/5)5 = 10
(10/2)5 = 25 (what can you do with 25 pips?)
Now you might not want to trade at a size of 6, 5, or 2, but it is better than pulling another 20 pips out of your pocket.
Risk what you are risking & use up every pip if it is possible.
You are the master of the money flow & the sole protector of your own little piece of the pie; there are many things that the chart will do to try and eat your pie but you will parry all of the attacks if you manage your money well.
Ted was an interesting fellow, if I learned one thing from him it is that I don't "have to" draw on my charts in any particular way; looking at his charts one call tell that it is all intuition and art.
While family obligations and personal interests consume a lot of my time I do still trade live accounts.
I look for trades on large charts so that I don't have to spend all of my time watching price bounce up and down.
Accumulation is important but it can be done in ones spare time as large chart moves take days, weeks, or even months to develop.
All of this is my opinion, there are plenty of people out there who are a more perfect image of what one thinks a trader should be & they will happily accept your money in exchange for personal experience