MightyOne wrote:I am just going to take a second to talk about why I don't target sextillions.
1) A stop loss DOES NOT GUARANTEE that you will be able to liquidate at that price, therefore your true risk is anywhere from the 6 pips that you are hoping is your max loss to 40, 70, 140, or even hundreds of pips if price decides to gap on you.
"That is so unlikely...". It really isn't, price makes gap moves all the time that are probably larger than your stop loss.
2) 3.73% per day is FOUR ZEROS per year! Do you make 4 zeros per year? Didn't think so.
Why then do people risk 3 or 5% per trade? They might make 30, 70, 140% or more in a day but they still can not do better than someone who is consistently making a few percent per day (because the effort to make larger %'s consumes more time, both in terms of holding and giving profits back).
3) More risk is just more risk, more profit is just more profit.
Risking more does not make you more money, period, end of story.
You might make more on a given day but overall your gains will be slower.
It is better to spread your trades between three pairs, entering your lots in two or three parts and then increasing the size by a third as price continues to move in your favor, than it is to try and make all of your money in one pair.
I am guilty of being foolish, I didn't understand the value of diversification until recently
4) to goals not through goals.
Complete your first goal and then move to the next. Trying to blast through goals is a very good way to delay it from being reached in the first place.
I hope you listen, I don't want you to learn it the hard way like I did.
This post would have been amazing years ago for me , But it does reaffirm what I have decide today and the direction my trading will go from here. I have no idea how you have posted here for 8 years and the amount of time you have given and patience to deal with idiots like me. But you have my utmost respect.