jrplimited
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Re: Messy morning.........
Hi again N and all else looking in on OP's thread,
I'm certainly a great believer in scraping low numbers of pips frequently and consistantly, rather than the outrageous X 000s pips all these rubbish marketing hypes endeavour to promote.
The way I've learnt from bitter experience in futures market trading is to simply chip away for small pips / points and use the power of componding to increase the working bank. I always increase or decrease (after a bad week!) my level stake every start of each week rather than daily or, heaven forbid, real time intraday, this way I know exactly what my targets are and when I can safely say stop for the day.
Also and mucho importante, every trade I enter into I always view this as potential loss maker first, in that I will know my stop loss in advance and exactly what it represents in monetary values, this helps a lot in planning out the next trade. Using simple rules like three trades per cross is maximum for day with two hits on the trot per cross equals leave this pair alone are other things I use.
Keep it simple - the KISS thingy! - is paramount in this game as is finding what style (TF, pairs, time zones etc) suits your mentality and tolerance, with tolerance being the biggy word here as its pointless (pardon the pun) chasing the dream big profits when in reality your are far better off IMHO chipping away with achievable small profits - that fits into my tolerance as I know exactly what I have to do to grab these and what the market does in turn to take these away from me!
Having now been closed out of my last two trades I'm going to take the hint that the market has been throwing my way that momentum is not really present today, so no trading this afternoon and definitely no screen watching either, as thats temptation with a big T for me!
Trade well and regards,
Simon.
Hi again N and all else looking in on OP's thread,
I'm certainly a great believer in scraping low numbers of pips frequently and consistantly, rather than the outrageous X 000s pips all these rubbish marketing hypes endeavour to promote.
The way I've learnt from bitter experience in futures market trading is to simply chip away for small pips / points and use the power of componding to increase the working bank. I always increase or decrease (after a bad week!) my level stake every start of each week rather than daily or, heaven forbid, real time intraday, this way I know exactly what my targets are and when I can safely say stop for the day.
Also and mucho importante, every trade I enter into I always view this as potential loss maker first, in that I will know my stop loss in advance and exactly what it represents in monetary values, this helps a lot in planning out the next trade. Using simple rules like three trades per cross is maximum for day with two hits on the trot per cross equals leave this pair alone are other things I use.
Keep it simple - the KISS thingy! - is paramount in this game as is finding what style (TF, pairs, time zones etc) suits your mentality and tolerance, with tolerance being the biggy word here as its pointless (pardon the pun) chasing the dream big profits when in reality your are far better off IMHO chipping away with achievable small profits - that fits into my tolerance as I know exactly what I have to do to grab these and what the market does in turn to take these away from me!
Having now been closed out of my last two trades I'm going to take the hint that the market has been throwing my way that momentum is not really present today, so no trading this afternoon and definitely no screen watching either, as thats temptation with a big T for me!
Trade well and regards,
Simon.
