Wednesday, June 16, 2010

Wednesday

Two stars for discipline because today I was thrill seeker. Trading with 4x size in chop market is just that. Sole purpose to make emotional high. Momentum that I had in recovery is over, I need to find new mental setup.
High point was +10 and low -18. In the end break even for a day.


4 comments:

De'Trader said...

Hi FX,

How many percentage you may risk per trade? I think I used too much risk trading forex. 10pips equal to 1% of my account

FX said...

I trade with exactly that right now, and for me it's low end. I feel comfortable with 10pips=1%. Last month and before it was 10 pips 1.5%

But I have problems with more money at risk so I don't feel comfortable now with more then 10 pips 1%. It's all in the feel I guess, with more money at risk comfort percentage go down. It's way better to trade in your own comfort zone and results are better then constantly pushing it just because mathematics say so.

De'Trader said...

Yes, I have problem with that too.
I trade Futures and it's not very flexible on sizing.

I need to widen my SL but risking the same money. Futures can't do that. I already trade only 1 contract

FX said...

Maybe you should really consider forex spot broker to limit your exposure when you need bigger stops. It's also great for scaling when you are closing position because you can close half or third and let other part to ride.