Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- discounts are available after registering.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I am creating this journal to log my good and bad trades. I am attempting to grow a small account by only taking a few trades a day and then switching to demo mode for the rest of the day. This should keep me from overtrading. Since it is a small account, I may from time to time have to refund the account.
Method:
One trade before 9am CST each trading day.
Market structure for trades. (support, resistance, trend lines)
10 tick stop loss (@$100 stop for the day)(manual stop and entered worse case stop above structure)
4 tick target ($50.00 target for the day)
One lot per $1000 entry
I don't know if I would call it a small loss.
You say you are targeting 2-4 ticks on a trade. The first day you took two trades and made 1 tick and 2 ticks, 3 ticks for the day.
The next day you take one trade for a loss of 22 ticks (5.5 points), for the day.
You are going to need a very high win rate for this to work. Even with a 10 tick stop you would need an 80-90% win rate just to break even.
On your first two trades you could have made 4-5 times the amount just holding on a few minutes longer back down to the recent low as the trend was down.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
I don't know what trading method you are using, but in this forum there are plenty to find.
One person in this forum that I like to mention is Perry G.
He moderated several webinars here about his method. And contributed with hundreds reactions to explain his method.
I just can recommend to have a look at it. https://nexusfi.com/articles/trading/Perrys-Method-Part-II
Testing out my ATM with a 4 tick target and 8 tick stop. The market has to be moving well in a direction otherwise, the stops will get hit too often. I tried larger stops but when they are hit it is too much of a loss.
