dojirock wrote:Don_xyZ wrote:aliassmith wrote:
I don't risk 10% per trade because I know I can lose 6 trades in a row. Im not a fan of losing half of my account. I will however use various forms of risk gearing.
My strategy is a base strategy with variations. Although I show that DeadHorse often here I have several ways I observe the price action and triggers. I will use S/D along with structure. Plus Im always studying.
So sorry your post was also quoted. It’s directed toward dojirock who has a higher hit rate than yours.
I don’t know how you treat your trading account overall but if you lose 6 times in a row then you are obviously overtrading or forcing your trades. I’ve lost more than that in a day (not taking 10% per trade though) but never that many consecutively. Maybe it has something to do with your sub 1 R trades. Long losing streak is bad, mentally.
This is what i'm working on. In hindsight my kryptonite was always watching the $$$$. I'm a scalper, and spend what I make every month. It is completely a mind over matter that I need to learn to harness. going from 1-5 lots to 20-30 lots, affects my whole trading plan because I have always watched the $$$$$ (echo's of Mo, don't watch the $$$$). I have always wanted to take the money and run or fear sets in and I moved stops when the lots get big despite of my win rate. I am now with the intention in giving up my win rate per say, buy throwing 10% to 15% of it out to put a stop loss in place and set a target and walk away. I slayed the 1st beast and now working on the second beast. I have an idea already of what the third beast is going to be for me, is building my own account.
there are parallels to traders that spend all their trading journey looking at money management and R:R vs entries and setups. They have awesome R:R's but much lower win rates. My focus was always win rates, hence there degree of excellency! now its time to sacrifice some to feed the other and really improve the balance. I don't have expectations of percentages on sl or tp. Only to build them and accumulate. I don't use R:R to dictate my sl or tp, only to see the result from my predefined sl and tp and try to improve on them by improving my entries.
-doji
I'm sure you're aware that Alias also scalp and so do I but we both know when to switch from a scalping mode into holding the position for bigger pips (thus, bigger R).
Fear. I know that all too well. I struggled a lot to conquer my own fear. I believe this multi millionaire scalper is more qualified than me on this topic and he's a scalper too. And like you, he also love stock index (though he prefers CFD than the actual futures market). Dow30 and Nasdaq100 are on his menu. This is a 3 part video, mostly on the psychological side of the game.
https://youtu.be/Mccwh6_Y2WI
I also never fixed my R at a certain multiple. I go with the flow. It's just that sometimes it's easier to say "I got 10 R or 15 R" than typing 50 pips or 150 pips. Traders who uses fixed R like only 2R or 3R usually use big tf but even that I find a waste of effort.