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On money management, i generally aim to risk 1% per trade. Recently i've moved to .3% as I am suffering a crisis of confidence. Once i'm back on track i'll move back.
For me, anymore than 1% is just too risky.
On average 2 trades per day, so 10% of account at risk per week.
Anymore than that and I get a twitchy sphincter!!!
Nice work Stuart.
I get the same kinda feelings.
I recently tried Uppin' my stake from .02 lot to .05. Very frayed nerve endings by the end of the session, even though the trades were very similar to the .02 lots.
Imagine what it's like when we start trading .1, .5 or (scary) 1 full lot for 10 bucks a point! Imagine beyond that?!?!?!?.....
Sometimes as the clock tick tocks on it's merry little way, we start to believe that we are taking one step forward and two steps back.
I've just had 2 weeks off trading from a self imposed exile, caused by lack of confidence.
I've reviewed my journal, updated my (very basic) business/trading plan and now am ready to come back next week with a little (only a little) more confidence. At least a step in the right direction I hope.
Like any kind of business or work, it's good to have some time off. Generally what works for me is have 1 day off trading in a week (average). Sometimes we have a quick peek and think " oh my god I wish I was in that", but too many times I've heard " better to be out wishing you were in, than in and wishing you were out". No truer words spoken..... and at that point I shut the station down and continue my day off with no regrets.
Burn out, get scared, chicken out, analysis paralysis.... whatever you call it, it's time to sit back and have a moment for yourself.
I think by assessing your exposure to risk (which includes psychological exposure) you have taken 2 steps forward and none backwards.
Again, nice work. We just gotta get that fear monger in our heads under control and remind the "one in the mirror" that it's ok because "we are professional traders"...
*Quotes from various wise sources on this thread (thanks)
I think we all owe Stratocaster a big round of applause for keeping the thread alive and for treating everyone here with open arms guiding and helping where he can. fantastic effort and really much appreciated at a time when Dan & I have been taken off to do other things.
that's not to say either of us have stopped positng completely. It's just that with the three exciting projects and all the teachings and live room stuff and video production and course work it's been a 16 hour day and that's without taking trading into account.
Really Strato, we do whole-heartedly respect your outlook and hope you can pop your head round the door to say hello from time to time.
I was actually thinking of making a new shorter, intesnse learning thread so as to newbie traders just starting out can get to grips with the strategy without having to go through almost 200 pages.
Any thoughts on this would be greatly appreciated and thanks once again Mr S, king of the 'swing'
I've got an hour a day to do stuff on here now so will start again from today.
Have a great afternoon and goodluck with your thread Stratocaster. I'll be on there stealing your wealth of knowledge for my longer-term book!!
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Pleased to see you are back on your thread. Interesting question about making a streamlined thread for newbies, I don't really think you could improve all that much on the first few pages of this very fine thread of yours.
I think most people would find it useful to start at the begining, but post their queries - charts & questions here at the end, to receive your encouragement and feedback on their grasp & understanding of the FX500 strategy.
Just my thoughts, others may think a fresh thread would be the way to go...
Its certainly got quiet on here of late, have you considered posting the live room notes as Dan does on his T2W thread? It may stimulate some folks to ask you a question ot two about the set up strategy
The way some of my trading has been going lately I could do with a newbie thread. That, or stop being such greedy bastard might help!! I have perfected the fine art of turning big pip profit into BE or losses in the last while.
The way some of my trading has been going lately I could do with a newbie thread. That, or stop being such greedy bastard might help!! I have perfected the fine art of turning big pip profit into BE or losses in the last while.
Bloom
Hi Bloom, You stole my text its unbelievable how stupid ignorant greedy bastards we can become.
My money management manager is on intensive care at the moment I managed to cut off 25% of my account in a few trades last 2 days!!
I just decided to do only longer term trades for a while and stop this short term stuff.
because the longer ones don't put any stress on me and are doing well and keep me away from the screen.
So I wont post any results because my longterm strategie is only slightly pimp related.
I will follow the treat and sessions but just need a break for a while.
Hey Pimp Fx.
First of all, thanks for sharing your experience and knowledge. I attached a file and mounts very good resistance called "subcamarilla08. I hope you like it.
Greetings
hans vs hans -25%
Linear Mode
