Manta wrote:adaseb wrote:Manta wrote:cfabian wrote:Manta, not sure if I understand correctly your entries, bur from what I understand, you entry right at the lines, what put you in a severe draw down, at aprox -40 for the first 2 and -20 for the 3rd.
Did I get your entries correctly? How do you handle such DD or what is your SL on each case?Manta wrote:prochargedmopar wrote:Manta wrote:"six pack" ZL trading
Very nice trading manta,
You got BALLS!!
I will dream about that pic tonight.
Don't dream about, just do it and enjoy. All you need are two magic momos.
And imagine this is only one pair (I trade 4) and 1 day (I trade 5)
EDIT: not magic momos, but mighty momos
Good question, I was curious whether someone ask this question.
I use only limit orders. Very rarely stop or market orders. Yes, I enter on those lines. I strongly believe, that trading is not only about entries, the main things from my point of view are money management (risk, position sizing etc.) and exits. I almost don't use SL, but I always set up emergency SL with every trade to avoid unexpected events. I have maximum weekly loss per pair (around 300 pips) and risk around 1.5% per trade (believe it or not even with this small risk is really not problem to make +30% weekly). As soon as I get first breakout in my direction I usually move SL closer, usually above/below the last swing. But what is really powerful is using accumulated profit during a week to increase position size agresively. I don't want to use and risk my money, but money I make during first two, three days of week. That's why I like so much friday trading
I wish you luck in the way you trade. But you gotta remember that if you keep trading without a stop, one day you will get a margin call and your entire account will be blown.
I am not trying to put you down. But if you keep trading like this eventually all your profits will be whipped away in one trade.
What I don't understand is how 300 pips represents 1.5% of your account and your pulling 30% weekly returns.
Once again don't take this as an insult in the way you trade. But many people had good success in trading forex because they never used stops and then there will always be that one trade that will take it all away.
That is misunderstanding. I should start to study English again or move again abroad for some time. 300 pips is my maximum weekly loss per pair. It represents around 7.5% of my account. I always use SL!!!!! Believe me I destroyed more than enough accounts in my trading carrier
What I want to point out, is the idea of some kind of cushion money management. MO mentioned this idea several times in this forum, but I think no one wants to hear. Most of people in my opinion still looking for some Entry holy grail.
ok that makes sense. i didn't see the 7.5% part.
good luck in your trading.