prochargedmopar wrote:MightyOne wrote:TheRumpledOne wrote:MightyOne wrote:Just throwing this out in the open.
If you enter on a 10 pip retracement with a 7 pip SL and an 11 pip target what is your draw down?
+77 less 14?
+66 less 21?
This is the system I used when trading live with a buddy from Jam.
If 10 pips is the retracement we are using then 15 pips is a real move.
If there is a small retracement on the chart of 15 pips then we have to ask for more than 10 pips.
Whatever we asked for was assumed to be 2/3 of a real move.
If we asked for 12 then 18 pips was a real move.
1. wait for a real move.
2. enter on a retracement
3. use a SL of half the largest of the small retracements.
4. target the smallest retracement size or multiples of the smallest.
If you enter on a 10 pip retracement with a 7 pip SL and an 11 pip target what is your draw down?
+77 less 14?
+66 less 21?
I am not sure I understand. (I have read this 10 times.)
Where are you getting 77 and 66 from? I see 11 * 7 = 77. But I don't think that is "it".
I am just referring to possible winners vs possible losers where winners are +11 and losers are -7.
It was meant as an example as I do not care to give play by play atm.
Yeah, no play by play required.
The boxes speak volumes.
+72.7 total today.
+3.25%
I tried the retrace thingy but will have to keep working on it.
My main concern at this point is NOT losing money.
I reverted back to trading the reversal of breakouts even though the direction of trend trades were in the back of my mind. Doh.
My 2nd to last trade I went bonkers when g/u broke against me.
Sigh.
After getting so many wins in a row (only the -.4 during news) I get pretty up tight about continued success.
I let it break about 20 pips and added a couple, ah, few positions...+15 pips right there on that "failed" trade.
Gotta figure out what it is that won't allow me to take a 5 to 10 pip loss somtimes.
GBP/USD 1 B 1.58897 1.58932 3.5 0.35 0.00 10/2/2009 11:06 10/2/2009 11:07
GBP/USD 2 S 1.59320 1.59155 16.5 3.30 0.00 10/2/2009 09:52 10/2/2009 09:54
GBP/USD 2 S 1.59309 1.59155 15.4 3.08 0.00 10/2/2009 09:52 10/2/2009 09:54
GBP/USD 2 S 1.58997 1.59155 -15.8 -3.16 0.00 10/2/2009 09:48 10/2/2009 09:54
GBP/USD 2 S 1.59056 1.59155 -9.9 -1.98 0.00 10/2/2009 09:49 10/2/2009 09:54
GBP/USD 2 S 1.59284 1.59155 12.9 2.58 0.00 10/2/2009 09:51 10/2/2009 09:54
GBP/USD 2 S 1.58789 1.58766 2.3 0.46 0.00 10/2/2009 09:31 10/2/2009 09:33
EUR/JPY 2 S 129.588 129.515 7.3 1.64 0.00 10/2/2009 09:18 10/2/2009 09:21
EUR/JPY 2 B 129.365 129.389 2.4 0.54 0.00 10/2/2009 09:09 10/2/2009 09:10
EUR/JPY 1 B 129.478 129.474 -0.4 -0.04 0.00 10/2/2009 08:45 10/2/2009 08:48
GBP/USD 1 S 1.58548 1.58512 3.6 0.36 0.00 10/2/2009 08:42 10/2/2009 08:43
GBP/USD 1 B 1.58144 1.58198 5.4 0.54 0.00 10/2/2009 08:34 10/2/2009 08:34
GBP/USD 2 B 1.58724 1.58743 1.9 0.38 0.00 10/2/2009 03:45 10/2/2009 03:47
GBP/USD 2 B 1.58739 1.58783 4.4 0.88 0.00 10/2/2009 03:27 10/2/2009 03:32
EUR/JPY 2 S 130.298 130.285 1.3 0.29 0.00 10/2/2009 02:23 10/2/2009 02:33
EUR/JPY 1 S 130.050 129.957 9.3 1.04 0.00 10/1/2009 20:50 10/1/2009 20:52
EUR/JPY 1 S 130.048 129.953 9.5 1.06 0.00 10/1/2009 20:39 10/1/2009 20:41
EUR/JPY 1 S 129.940 129.921 1.9 0.21 0.00 10/1/2009 20:36 10/1/2009 20:39
EUR/JPY 1 S 129.927 129.915 1.2 0.13 0.00 10/1/2009 20:32 10/1/2009 20:32
30 72.7 11.66 0.00
you are going to have to stop averaging into losers
sometimes it gets you out ok and then other times well you see what can happen
those few losers that you are able to turn into winners is not worth a blown account-----EVER
would you trade that way with a 500k account?
the whole purpose of dropping your size and building the foundation is to allow one to build the correct "habits" and feel comfortable with just trading and not worrying about the $$$$
you are defeating the purpose by doing it this way