2012 DRAIN THE BANKS LIKE A RAT .... CONTINUED

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nickohorny
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Postby nickohorny » Wed Jan 04, 2012 5:51 pm

Hello everyone and Happy New Year to all here on Kreslik!

I have a money mgmt question for use with DTB method, if someone could please help me. It's only based on a tiny account (minimum to open one)

I am trying to create a new 'exit playbook' based on taking half my position off at 1% profit.
Please tell me if this is correct:

[highlight=red]Account Size = $500

POSITION SIZE = RISK / STOPLOSS

POSITION SIZE = 2% / 10 (10 / 10)

POSITION SIZE = 1 MINI L[/highlight]OT.


However to trade AND take half of that off at 1% profit I would need to trade 10 MICRO LOTS right?

At +5 pips profit exit 5 MICRO lots with 1% profit.
Move Stop to Break Even.
Let the remanding 5 MICRO LOTS trail -5 pips behind price.
Once it reaches 10 pips I have already made my 2% target but am still on a trailing stop.
Should price decline back to entry then 1% would of been made.

Please just let me know if I am on the right track here!

Thanks again
Nick

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Postby Pro Trader » Wed Jan 04, 2012 6:45 pm

Demand level off the daily low this morning

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and this evening

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MightyOne
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Postby MightyOne » Wed Jan 04, 2012 10:28 pm

Here you go Nicko-

At +5 pips profit exit 5 MICRO lots with 1% profit.
[s]Move Stop to Break Even. [/s]
[s]Let the remanding 5 MICRO LOTS trail -5 pips behind price.[/s]

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TheRumpledOne
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Postby TheRumpledOne » Thu Jan 05, 2012 3:08 pm

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.

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newscalper
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Postby newscalper » Thu Jan 05, 2012 3:51 pm

Red rats cheese is on for USDJPY and USDCAD, charts to follow...

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Maybe some green cheeses on Cable, Euro not liking so much.
Last edited by newscalper on Thu Jan 05, 2012 3:59 pm, edited 1 time in total.

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nickohorny
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Postby nickohorny » Thu Jan 05, 2012 3:56 pm

MightyOne wrote:Here you go Nicko-

At +5 pips profit exit 5 MICRO lots with 1% profit.
[s]Move Stop to Break Even. [/s]
[s]Let the remanding 5 MICRO LOTS trail -5 pips behind price.[/s]


Thanks for the reply MightyOne, I am a bit confused though! Why did you cross out the exit strategy on the remainding 5 MICRO LOTS? Was was wrong about that part? Just need to know please :)

Thanks again

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newscalper
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Postby newscalper » Thu Jan 05, 2012 4:12 pm

Out on both of those, didn't work out.

Reply to above - MO doesn't believe in breakeven or moving stops.

nickohorny
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Postby nickohorny » Thu Jan 05, 2012 4:17 pm

TheRumpledOne wrote:EXIT PLAY BOOK - YouTube


Love your vids TRO! thanks for the effort with them.

Question: I watched your other vid regarding just trading with a horizontal line, and I have read posts before about simply using the sweetspot indi on an H1 chart and going LONG or SHORT at the lines as price crosses.
BUT I was thinking about stops for this and wondering what to use, you define a 10 pip stop for DTB like a rat so would you actually use the same stop size with something like that also?

Thanks.

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newscalper
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Postby newscalper » Thu Jan 05, 2012 4:26 pm

Made TP1 on Aussie, one I didn't take, :lol:

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Postby Pro Trader » Thu Jan 05, 2012 5:36 pm

Demand level off the daily low this morning

2 trades today

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