2010.09.23 A NEW RAT IS IN TOWN

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TheRumpledOne
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Postby TheRumpledOne » Tue Nov 23, 2010 6:45 pm

Should you go live?

What is holding you back from live trading?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Tue Nov 23, 2010 8:06 pm

Should you go live?

What is holding you back from live trading?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

Relativity
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Postby Relativity » Wed Nov 24, 2010 12:51 am

I am currently saving up money for sufficient capital, say around 250USD (convert to my country's currency that would be 350SGD). Via a micro account, I got to this figure as the minimal :

1 to 2 microlots per trade
0.5 to 1% risk per trade
$1.25 to $2.50 per trade

Financially, I do have some savings, worth 3 months of expenses for job security/emergencies. On top of that, I am paying and studying university while working full time. At this rate, I only have spare capital by next year Jan.

What do you think? I've considered this might be the wrong mindset as a trader.

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TheRumpledOne
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Postby TheRumpledOne » Wed Nov 24, 2010 12:56 am

It's a start. You have to start from somewhere.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Relativity
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Postby Relativity » Wed Nov 24, 2010 3:19 pm

Thanks TRO. I will keep working on it with discipline.

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MightyOne
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Postby MightyOne » Thu Nov 25, 2010 5:21 am

Relativity wrote:I am currently saving up money for sufficient capital, say around 250USD (convert to my country's currency that would be 350SGD). Via a micro account, I got to this figure as the minimal :

1 to 2 microlots per trade
0.5 to 1% risk per trade
$1.25 to $2.50 per trade

Financially, I do have some savings, worth 3 months of expenses for job security/emergencies. On top of that, I am paying and studying university while working full time. At this rate, I only have spare capital by next year Jan.

What do you think? I've considered this might be the wrong mindset as a trader.



$250 is a rough start...
but you should trade 3 lots at the very least and preferably 5 lots or more.

With 1 or 2 lots you are praying to the gods of luck as your options are limited when it comes to strategic decisions.

I think that you could handle 3 lots if your MM is solid and 1 lot if it is not.

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Jalarupa
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Postby Jalarupa » Thu Nov 25, 2010 6:29 am

MightyOne wrote:
Relativity wrote:I am currently saving up money for sufficient capital, say around 250USD (convert to my country's currency that would be 350SGD). Via a micro account, I got to this figure as the minimal :

1 to 2 microlots per trade
0.5 to 1% risk per trade
$1.25 to $2.50 per trade

Financially, I do have some savings, worth 3 months of expenses for job security/emergencies. On top of that, I am paying and studying university while working full time. At this rate, I only have spare capital by next year Jan.

What do you think? I've considered this might be the wrong mindset as a trader.



$250 is a rough start...
but you should trade 3 lots at the very least and preferably 5 lots or more.

With 1 or 2 lots you are praying to the gods of luck as your options are limited when it comes to strategic decisions.

I think that you could handle 3 lots if your MM is solid and 1 lot if it is not.


Hey MO,

In your opinion, what is critical mass? I mean how big 'should' an account be to start making decent returns on a weekly basis?

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MightyOne
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Postby MightyOne » Thu Nov 25, 2010 7:12 pm

Jalarupa wrote:
MightyOne wrote:
Relativity wrote:I am currently saving up money for sufficient capital, say around 250USD (convert to my country's currency that would be 350SGD). Via a micro account, I got to this figure as the minimal :

1 to 2 microlots per trade
0.5 to 1% risk per trade
$1.25 to $2.50 per trade

Financially, I do have some savings, worth 3 months of expenses for job security/emergencies. On top of that, I am paying and studying university while working full time. At this rate, I only have spare capital by next year Jan.

What do you think? I've considered this might be the wrong mindset as a trader.



$250 is a rough start...
but you should trade 3 lots at the very least and preferably 5 lots or more.

With 1 or 2 lots you are praying to the gods of luck as your options are limited when it comes to strategic decisions.

I think that you could handle 3 lots if your MM is solid and 1 lot if it is not.


Hey MO,

In your opinion, what is critical mass? I mean how big 'should' an account be to start making decent returns on a weekly basis?


If we are talking money then I would say a $10,000 account.

If we are simply talking box control then I would say $1,250-$2,500

If we are talking smallest account size where you are not chopping off your hands before you start trading then I would say $500.

I would prefer to trade 10+ lots

5+ lots isn't a bad start

3+ is pushing it

1 or 2 is suicidal.

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Jalarupa
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Postby Jalarupa » Thu Nov 25, 2010 8:52 pm

Ty - That post was just what I needed to hear
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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genlogins
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Postby genlogins » Thu Nov 25, 2010 10:01 pm

Wait, MO and Others,

I lost over 70% of my account.

Now recuperating it in small chunks with 1 microlot, and I can tell you that 1 micro is already a lot bigger than the 2% RR that everyone talks about.

Some times like yesterday I feel in my gut that the trade is so good that instead of going with a 1 microlot, go for it with what the account can hold, which is 5 microlots.

Last week I just enter what I though would give me a good RR, instead of 1micro, I enter with 2 micros. The trade was amazing and grow my account by 20%. If I had instead put at 0.05 I would increase the account by 110%.


So the question is.............. Should we get in with at least a 3x lot size from the one that we trade, just to grow the account in bursts, or should we maintain with the same lot and only when our MM allows we get a bigger lot size 1 number above?
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