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A lot of good thoughts have been posted here, and I don't want to jump on anyone.
But here's something about trading larger lots: I have heard Michael Patak of TsT say many times that a trader has to learn to trade one lot before trading two, and then has to learn to trade two before three, and so on, and eventually they can handle more size. It's a matter of maturing in your ability to manage risk, and is part of a trader's development.
I have read @Big Mike, somewhere on futures.io (formerly BMT), say that he used to think that the way to success would just be to add zeros to the number of contracts traded... and that he found that it was not the same at all.
Starting a Combine with a larger contract size than what you have actually grown into is a good way to blow it in a few days. (Good way to blow an account, too.)
Bigger trades means more actual risk, more psychological pressure, more bumping up against the limitations that you haven't dealt with yet, and more opportunity to go too far, beyond your actual maturity as a trader.
(And this is not preaching.... it's rueful experience .)
Just some thoughts, well meant. Hope you can find something of value in them.
All the best to @ZENDINA and to @Turveyd. Hope things go well for you.
Well, it's about his ownly chance of hitting his profit target at this point ( read a few recently so don't quote me on that )
Obviously, your Max Day Loss and SL size and Contract value per pip drive your lot size.
I find I trade better, when I focus on the profit than the risk side, think too much about that and you'll never place a trade ever ( well I don't )
It's also worth noting, when in you've still got the same targets and risk management issues to worry about, so you need to be able to repeat long term.
* slightly easier after profit target #1 hit maybe!
If he trades 15 cars that is outside the rules and he fails immediately. All he has to do is finish the combine net positive, complete the other goals and he can roll over to a new combine.
And to address your other comment. If you are focusing on the profit then you are looking backwards. Remember novice traders look at profit and how much money they can make where professional traders focus on protecting their capital. Professionals always take money from the novice. You are like a person who is looking at a horse and a buggie. By focusing on the buggie (profit), you are failing to realize that the horse (risk) is what is moving you along. You are also failing to realize that position sizing is set on your account size and risk tolerance.
Risk defines everything. Without risk there is no way to compare your profit. You could make $1000000 this year, but if you risked $1500000 to do so then you are not being efficient and in the long run will lose.
**Also if you can't successfully trade 1 lot you have no business trading 5, 10, or more lots.
Position sizing is like the speed in a car, if you can't drive the car then increasing the speed of the car isn't going to help. And in fact will cause you more issues.
People focus too much on the SL and how it affects whether they can take 1 or 20 trades a day. One of the best ways to control risk is to control the number of trades a day. When you are increasing your position size you should look to take less trades, but for more potential profit. This balancing act allows you to reduce the potential risk of taking multiple trades and allows your trade to be more efficient.
@Turveyd please respond in your thread.
If he trades 15 cars that is outside the rules and he fails immediately. All he has to do is finish the combine net positive, complete the other goals and he can roll over to a new combine.
And to address your other comment. If you are focusing on …
@Big Mike, no problem and I apologize for detouring Zedina's thread.