I'd like to hold for @least 90p/9mp pips.
1:3 x 3
Too much for an old er guy?
I made the spacing 50% wider to illustrate that you do not need to target multiples of your risk box on every trade.
Can you make more lines than you lose & does your profit cover the costs of trading? That is all that you need to know.
The red numbers show changes to position size (24 is "24 pips per line"), the thumbs up shows take profit, and the blue number show profit in lines.
Now you might be thinking "62 HOURS for not even 20 pips worth of profit" but how many pairs are we trading at the same time?
Imagine the worst possible entry on that chart, what is your biggest loss (we'll get to the gap move later), 4 lines?
Imagine what your trading day might look like:
how many times were you stopped out/whipsawed?
how many times did you lose a half a line or more than you intended to?
if you needed to exit quickly, by how much did a 3 pip spread impact your bottom line (3/24 = .125 lines, 3/12 = .25 lines)?
If you got caught in that gap move, trading for 12s, then you would have lost about 6 lines (-2%)
Had you been trading for pips then you would have lost 72 lines (-24%) and if you were already in
a 6% hole then I can see how you might not want to: take the next trade (money lost), exit when you know you should (money lost), keep your risk-box small (money lost risking more lines).
Your world is going to sht because you think that you need to make all of your pips on one pair and in one trade.
There is a time to make tens or hundreds of lines, but it is never such a time before securing an achievable daily goal.
If you are starting with large position sizes and are not scared then you must be the new guy.
We always think that we can predict the future until that oil covered bird floats on by
Watch 5 charts and trade for SIXTEENS
Eliminate 2 charts and trade for EIGHTS
Eliminate 1 chart and trade for FOURS
It works a hell of a lot better than large lot sizes on a single pair.