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
2012 DRAIN THE BANKS LIKE A RAT .... CONTINUED
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Red rats cheese is on for USDJPY and USDCAD, charts to follow...
Maybe some green cheeses on Cable, Euro not liking so much.
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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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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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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