Sacrophage wrote:Updated chart since the open - I got in as desired, but have not added to the position, as there have been no decent-sized pullbacks. In these one-directional markets, do you guys just add anyway and trail your stop accordingly? We are up 90 pts from my entry - I should be up a ton, but am not even up 1%. New plan is to add at the bottom of the cone that is about to begin forming.
When you increase your position size it creates a new position from your last entry (you gain/lose at a new rate, so many dollars per line)
If you are up 3 TWENTY-FOURS (1.388/pip) and you increase your size to SIXTEENS ($2.083/pip, +.695) then you are up 3 SIXTEENS; if price falls back 3 lines then you are about even.
$10,000, 3 lines = 1%:
(3 x 24)1.388 = $99.93
(3 x 16)2.083 = $99.98
It will never be exact.
Focus on taking a few lines here and there:
90 / 24 = 3.75 lines
90 / 16 = 5.62 lines
90 / 12 = 7.50 lines
3 + 4 + 5 = 12 lines, 12 lines is +0000 per year.
Don't trouble yourself to make a killing in one trade.
.92% compounded daily is +0 per year (2.76 lines)
1.85% compounded daily is +00 per year (5.6 lines)
2.78% compounded daily is +000 per year (8.34 lines)
3.73% compounded daily is +0000 per year (11.19 lines)
There is not enough money in the world to outperform a person who is consistently
reaching daily goals.
Do everything in your power to be consistent while eliminating large losses and you will prevail.
If you net anywhere near 1% per day then you are doing better than nearly everyone out there.