Goals of forex trading

[barney]

First trade I've had to manage in a while...thought I'd share it...pretty straight forward though

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Totally understand your trade here Deano .... It is not without some concern though ..... do you have an "Uncle" point had that reversal not kicked in? .......

If you are trading lot sizes small enough relative to your total "Net worth" then no problem either way, but if trading any serious size, the drawdown could create a "nasty" attack of angina

I suspect you are trading well within your means ..... I also believe that is the secret to successful trading .... Trade lot sizes which have no psychological effect on you if they go pear shaped!

 

[Dean34]

I suspect you are trading well within your means I also believe that is the secret to successful trading .... Trade lot sizes which have no psychological effect on you if they go pear shaped!

spot on Barney..i only care about making 30-40% per year...break this down to monthly it turns into about 3% per month...break this down to actual trades, at 1/2% per trade that's 6 trades per month...at 1/2% per trade on say a $10,000 account means $50 per trade..at 1 mini-lot thats 50 pips....for arguments sake, if the trade went against me to the tune of 1000 pips, thats still only 10% of my capital i'd be down....(of course i would be adding more positions before it got that far, plus, i would be utilizing my 2nd account well before it got to a stage like that so as to hedge)....as for the recent USDCAD trade, it never got to a point where the negative equity on the trade was more than 3% of my capital

 

[Dean34]

this was a trade i had to manage for most of july...i have to admit this was a little difficult due to other personal circumstances making it harder to reach a computer at times...if i had had more access it may have panned out different..either way, it came through...this trade was one of 6 for the month with 3 still open...not quite as good as last month, but nearly 2%..and im happy with that