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prochargedmopar wrote:Im learning something about myself.
If I go for big swings (acceptable RR) then I commit to being RIGHT.
This does NOT turn out well when I'm wrong.
When I scalp for small pips I can lose gracefully but my losses are still almost always bigger than my winners.
It's hard has hell to scalp for 5-10 with a 3-7 pip SL.
Shiit.
I gotta think about what I can do.
MightyOne wrote:prochargedmopar wrote:Im learning something about myself.
If I go for big swings (acceptable RR) then I commit to being RIGHT.
This does NOT turn out well when I'm wrong.
When I scalp for small pips I can lose gracefully but my losses are still almost always bigger than my winners.
It's hard has hell to scalp for 5-10 with a 3-7 pip SL.
Shiit.
I gotta think about what I can do.
Dollars, PRO, everything is dollars risked and dollars won; you are not trying to make 10 pips, you are trying to make whatever dollars 10 pips amounts to.
If the minimum daily range is 72 pips then you can make $9 sized at $1 (ONES), $0.50 (TWOS), $0.25 (FOURS), or even $0.125 (EIGHTS).
SIXTEENS you might risk 2 to 4 macros: 3 to 5 with EIGHTS, 4 to 6 with FOURS, 5 to 7 with TWOS, 6 to 8 with ONES (aka "pips").
If you only want 10 pips and the minimum range is 72 then all you are doing is taking the excess range and creating a catastrophic loss scenario when trading for ONES.
Don't worry about ratios, take what you can.
If you spend your time minimizing risk and trading to daily goals then the numbers will work in your favor.
Forget what ICTrickery is saying, stick to horizontal lines and manage your trades well.
"MightyOne"]Why do you get hung up on trading for ONES ("pips")?
Each line is x amount of dollars, that is all that you are doing when you are trading for pips.
EACH LINE IS X AMOUNT OF DOLLARS! No one, not even you, cares about how many pips you make.
I forget who I was listening to at the time but a fund manager was asked what is the single most important thing that a new trader can do to become profitable and his answer was to take whatever size they are trading at and cut it in half...and probably cut it in half again.
Do more with less.
Make your money by increasing your lot size not by maximizing your pip gains.
quote="MightyOne"]Why do you get hung up on trading for ONES ("pips")?
Each line is x amount of dollars, that is all that you are doing when you are trading for pips.
EACH LINE IS X AMOUNT OF DOLLARS! No one, not even you, cares about how many pips you make.
Do more with less.
Make your money by increasing your lot size not by maximizing your pip gains.
prochargedmopar wrote:I have errored greatly for years.
