Don_xyZ wrote:Yirbu wrote:Last weekend something happened in my head. "I don't trade for R. I trade for cash"
It stayed in my head all weekend... "I trade for cash..."
As a new born warrior I started trading this morning (ftmo trial) and soon was very close to my profit target...then disaster struck and I lost 70% of my profits again. (My money management was sound, just every trade went wrong)
A bit annoyed I went for a nap, came back and traded London close.
My profit curve is the worst I have ever seen but hey...I am happy.
If I can make these trials easy peasy I am set to go.
R is money. What Alias really meant was cash as in quick, more sure return rather than sacrificing what you already have. Alias also takes sub 1R trades that has better guarantee to get hit rather than bigger R that is less sure to happen.
Talking about risk, anyone who aspires to trade using OTM such as FTMO and the gang must surely use small risk because the rules are centered around the preservation of capital first and then gains second. If I'm gonna do it I would only use 0.3% risk or lower considering my trading style. The market can be very harsh and when it hits your account then you will regret using a bigger risk. The name of the game is getting sure money for as long as you can, put some of the profit into your own real account and then trade it to the max. I think Alias already mentioned this concept somewhere in this thread (or other).
Ah..ok...I didn't get that one indeed. Thx
For me sometimes it's a bit hard to see upfront what the potential of a trade is.
Yesterday there were quite some trades that came back at me. However they did deliver .9R or so.
The next 3 trades I just took +/-.9R instead of waiting for it to come back.
What my takeaway was from Aliases remark was that I shouldn't be to focused on delivering a good R and executing my trade perfectly etc etc that sometimes I forgot to take the money.