Hi All,
This is my first blog, hope that all traders (especially new traders) realise that the way we trade in competition are crazy stuff and newer attempt to trade this way on LIVE account. This is recipe for disaster.
One of golden rules in trading is MONEY MANAGEMENT, RISK to REWARD ratio, and 2% of your account as max risk for any trade.
And of course Patience, Patience, Patience. Like Real Estate agents have 3P as Position, Position, Position traders have 3P as Patience, Patience, Patience.
If any body have any questions please ask for explanation to clarify any queries.
Talking about RISK to REWARD ratio I have set by default on H4 time frame SL to 100 pips and TP of 200 pips.
If you realise that on the way is strong support or resistance move your SL and/or TP to logical position.
Other adjustment I made to SL are as trade management rules, if my trade go my way 60+ pips I move ST to +5 pips.
This is making your trade risk free, from that point you adjust TP and/or SL as trade progress.
Always remember to protect part of your winning by adjusting SL. Having trade of 100+ pips and later be kicked out on SL of -100 pips because of missing some strong resistance, news or any other reason your trading is missing trade management and/or discipline.
Over next few blogs I will show samples of my entries, this should explain how I managed to be in top 30.
Regards
kangur
This is my first blog, hope that all traders (especially new traders) realise that the way we trade in competition are crazy stuff and newer attempt to trade this way on LIVE account. This is recipe for disaster.
One of golden rules in trading is MONEY MANAGEMENT, RISK to REWARD ratio, and 2% of your account as max risk for any trade.
And of course Patience, Patience, Patience. Like Real Estate agents have 3P as Position, Position, Position traders have 3P as Patience, Patience, Patience.
If any body have any questions please ask for explanation to clarify any queries.
Talking about RISK to REWARD ratio I have set by default on H4 time frame SL to 100 pips and TP of 200 pips.
If you realise that on the way is strong support or resistance move your SL and/or TP to logical position.
Other adjustment I made to SL are as trade management rules, if my trade go my way 60+ pips I move ST to +5 pips.
This is making your trade risk free, from that point you adjust TP and/or SL as trade progress.
Always remember to protect part of your winning by adjusting SL. Having trade of 100+ pips and later be kicked out on SL of -100 pips because of missing some strong resistance, news or any other reason your trading is missing trade management and/or discipline.
Over next few blogs I will show samples of my entries, this should explain how I managed to be in top 30.
Regards
kangur
