NVP
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I read most stuff these days as the nuggets still appear (abeit rarely) or at least you get reconfirmation of the classic lessons that you dont (sadly) understand, appreciate or apply in the first desperate years in this game .......and if you get that far you will undestand this :-
in trading (and in life) winners can see both sides of a situation simultaneously (utilising all relevent facts available) and take the optimum objecive decision to affect the best (or least damaging) result for themselves
sounds easy but its not............and I personally havnt even touched the sides yet as if the eternal student ever decides to become the master then god help them .......
N
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There has to be a point where you know the trade is not doing what you expected of it. I try to get out ASAP when that happens. sometimes I'm surprised that I have only been in the trade a few minutes because I am not a scalper by nature.
Most of the money management requirement is for those you cannot get out, easily, because they get stuck, like rabbits in headlights. If I got out too soon I can go back in again. So be it, I lose some points on the extra trading but, over time, that pays off for me.
Like Paul says, MM is a trading decision, not a strategy and, if you are only a few points in profit at the end of the session, then your MM is correct without too much thinking about it.
Getting winning trades is the name of the game and where most of my concentration goes. In another thread I said that direction is the most important point to get right. To me, that includes probability.
The phases of a trader are
1) They open trades because they think they know direction and they don't, most of the time, and lose money.
2) They start on MM and stoplosses before they lose the lot.
3) They go back to (1) with more experience and start getting ahead.
When that happens MM takes its rightful place-- in the background, where it is kept in case it needs dusting off again.
I'm not a first class trader but I make money out of trading. The more I do the more instinctive I get. Instinct matters an awful lot and it can't be taught, which is why I find it difficult to explain why I did a certain thing.
Most of the money management requirement is for those you cannot get out, easily, because they get stuck, like rabbits in headlights. If I got out too soon I can go back in again. So be it, I lose some points on the extra trading but, over time, that pays off for me.
Like Paul says, MM is a trading decision, not a strategy and, if you are only a few points in profit at the end of the session, then your MM is correct without too much thinking about it.
Getting winning trades is the name of the game and where most of my concentration goes. In another thread I said that direction is the most important point to get right. To me, that includes probability.
The phases of a trader are
1) They open trades because they think they know direction and they don't, most of the time, and lose money.
2) They start on MM and stoplosses before they lose the lot.
3) They go back to (1) with more experience and start getting ahead.
When that happens MM takes its rightful place-- in the background, where it is kept in case it needs dusting off again.
I'm not a first class trader but I make money out of trading. The more I do the more instinctive I get. Instinct matters an awful lot and it can't be taught, which is why I find it difficult to explain why I did a certain thing.
You are framing money management in a singular dimension. Perhaps you don't employ money management throughout the trade lifecycle. If a trader doesn't employ both profit taking techniques and profit protection techniques, how can they possibly be profitable in the long run?
There are many facets to money management not just protection for when things go wrong.
I know that there are many ways to trade and the use of MM must be included in lots of them. I use a very simple method of getting in and getting out, rarely reducing stake size. I add as I go along but when I close it's for the full amount and then I am, normally, finished until the next morning.
But that doesn't matter except to show that there are many methods of going about this. What matters is that at some point, be it each session or at the end of any period, there is a certain amount more in the account. I suppose in the end, you could say that I do use MM in some way, but I treat it as using common sense in trading.
NVP
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the other interesting facet of course is repetition
Repetition = practice = Success !
if you execute 1,000 trades using the same specific rules for entry , Exit , mm, and everything else you will be a money making machine going forward
assuming the system doesnt suck in the first place
N
Repetition = practice = Success !
if you execute 1,000 trades using the same specific rules for entry , Exit , mm, and everything else you will be a money making machine going forward
assuming the system doesnt suck in the first place
N
My set of rules against all other players (they move the price) on the Forex market:
My choice Nr. One is Scalping the market ! (Why? Greed is at the lowest level!) I take 10 pips and game is over for a day! (3x3pip + 1x1pip=10 pips=1%)
MM 1:2 is the second choice if I must choose!
(But I don't have to choose because Forex isn't a casino!)
MM 1:3 is the third choice if I must choose!
MM 1:4 is the fourth choice if I must choose!
How about you???
My choice Nr. One is Scalping the market ! (Why? Greed is at the lowest level!) I take 10 pips and game is over for a day! (3x3pip + 1x1pip=10 pips=1%)
MM 1:2 is the second choice if I must choose!
(But I don't have to choose because Forex isn't a casino!)
MM 1:3 is the third choice if I must choose!
MM 1:4 is the fourth choice if I must choose!
How about you???
I don't understand how you can take 10 points in a day and wait for the next day. Opportunities for making money may present themselves more than once in the same day but next day may be a dead loss.
I do what I can over a number of hours, never tying myself to a daiñy target.
google ' no BS day trading'
I agree with you, I don't trade every day, only certain day's! Often I take only 3 pips per a day. But there are days to take 15-20 pips etc. I make round 10% per a month.
1pip=0,1%
If I understand well , You are risking all of your balance per a trade or???:|
HowardCohodas
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You must survive to thrive. Not surviving is forever. So taking your time may be a smart thing to do.
Can you explain that with example?
fantastic.Year
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I found a Profitable RentASignal 's Signal Provider.
Hello My Friends
I want to say Please MM your money with yourself.
This is your capital and you most save this.
All friends, I am working with signal of RentASignal signal Providers, One of them has started 1 week ago, but before that, he was working out of RAS website and he was give us signal with Yahoo messenger .
He had a scalper Strategy with 100% accurate. I spoke with him about his scalper and he told me that I will put this strategy on Rentasignal.
I am working with his Asia session strategy GBPCHF and EURCAD on FXCBS. this is really Profitable.
His Signal Name is : Carbon
and His ID is : 33278
Last week he took 91 PIP profit.
Hello My Friends
I want to say Please MM your money with yourself.
This is your capital and you most save this.
All friends, I am working with signal of RentASignal signal Providers, One of them has started 1 week ago, but before that, he was working out of RAS website and he was give us signal with Yahoo messenger .
He had a scalper Strategy with 100% accurate. I spoke with him about his scalper and he told me that I will put this strategy on Rentasignal.
I am working with his Asia session strategy GBPCHF and EURCAD on FXCBS. this is really Profitable.
His Signal Name is : Carbon
and His ID is : 33278
Last week he took 91 PIP profit.
