aliassmith wrote:es/pip wrote:you have to get over the fear of losing money on a trade
it is ok to do so it is not the end of the world
i think i had 2(small) losers and 4 b/e today but i made a large amount of pips
what you need to realize is whatever you are doing on a small lot size you will do on a large lot size---whether it is good or bad
once you make this work lets say your account is 500k and you are making 10% a day-------- are you going to risk all of that by averaging into a loser and risk everything just so you can get out at b/e and say you didn't have a loser?
i sure as hell hope not
just think about it logically -------- it is just stupid to do that--- so don't do it anymore
you have to treat your small account as u would a large account so when you grow your account you will not do stupid things and have to start over.
from now on if you EVER average down then you punish yourself by not allowing yourself to trade the next day-------------as much as you love trading you will only do it once or twice and then never do it again
make it a rule
and do not trade a system or a method trade discretionary
Maybe just semantics in my mind, but "systems" are mechanical
and "closed loop" in nature.
A "methodology" is more discretionary since it is just a guiding
principle. Possibly still too system(ish).
OK---maybe it is a "Philosophy" of trading that is our guiding light.
" My analysis is post-momentum and current to recent past comparisons ie discretionary. " MightyOne
It is not really a technical pattern that matters so much as it is a comparison between what was & what is that leads the way.
Make a comparison between the suspected momentum and the most recent past and then compare that with just a tad bit more of the past to come up with a logical answer to your question.