bones of contention:
2) Use 30-75 point stops....
only if you aren't around should you use more than 30 on Euro 35 max EJ GJ.. Use a 75 pip stop you will take a 75 pip loss guaranteed. Can you handle that?
3) When trade is 30 points in profit move stop to breakeven...and let it run
3a) if you get stopped out at Break even, youve lost no money and therefore it doesn't count as a trade....this means that you still have 3 trades left.
If you make a trade at major s/r then it's best not to move your stop to a meaningless point on the map i.e. your b/e spot.. I would have been stopped out 4 times at b/e already on my EJ trade for example, but it is up and seems to be going in my favor. I would amend this suggestion to say.. don't make a trade at all if you aren't prepared to lose 30 pips .. minor, crappy intraday s/r. yes, move stop to b/e after 30 pips and t/p on any sign of a direction failure, but there can be MANY attempts on MAJOR s/r .. b/e will hurt you more than it helps
3b) If you make money, say you make 90 points, this gives you 3 more chances for that day!
don't make a trade you don't need to make because you're up.. don't look at things from a daily standpoint, but monthly.. make 90 pips, keep 90 pips and wait until a new trade comes to you.. like 135 EJ short [grin]
IMO : for a £5k account.... you should not be staking more than £2-3 per point...infact £2 should be an absolute max with a 30 point stop.....and if you need to use a larger 75 point stop....£1 per point stake should be a religious max.
amen! Keep the leverage low until you think you have a great mathematical probability to increase your margin with one trade!
