Polish Trades

[Luke]

[immy]

Yes Luke! Rent was written all over this setup. Though trading this setup is what will bring the pips. This is the setup that does not fail you over 70% of the time. Keep trading it!

[Luke]

What a rubbish day well done to those who made some thing or just didnt trade. Anyone trading tomorrow seen as its a us holiday? immy when can i get in the trading room? really need to get the thinking behind all this. Closed chart for today going to watch a few of immys vids

[Luke]

b/e on 2 trades. Had to walk away from computer for half hour got little frustrated then missed a 19 pipper decided to trade g/u today seemed the best choice looking back through the day on g/u if i had stuck with it and traded every signal that felt right would have walked away with about 11 pips i am using a fixed loss until i get use to doing these trades its to much time working out what i should be using till i get use to it so i just use 15. Anyone give me advice on how to quickly find what size i should use with out getting a calculator out please lol

[tombacon89]

Hi there, what I do to place orders quickly with the correct lot size is use http://www.forexcalc.com" onclick="window.open(this.href);return false; to work out my lot sizes. I then write them on a piece of paper (clearly) and pin it to my notice board next to my screens. It's not the most glamorous way to do it but it works!

With account growth you will need to keep working them out but it takes 2 mins to do and I'm not at the stage yet where my lot sizes are changing much. (Maybe this is why it works for me at this stage in the game) I have worked out the lot size for 10, 13, 15 & 20 pips for all the pairs I trade which pretty much covers the size of the stops I use.

[Grant]

Evening,

The spread sheet i use for my results also calcs my lot size using the figures within it. I then have a lot size for m1 trades and one for m5 trades. When i update my results and compile my end of day PDFs i check the lot sizes and change them in my platform for the next days trading....

I used to try and calc them after each trade but found it didn't change by much and on rare occasions i missed entries as i was too busy and not concentrating on the charts

hope this helps

Grant

[immy]

I'd just like to add that, using the accurate lot size and consistently using the same percentage risk per trade is the key to compounding and also an important factor for new traders so they dont destroy their accounts. Know it! that if you use correct money management you will hardly ever blow an account. e.g. if your account goes 10% down. You must stop. You have to get things right before you continue. You'd considering going back to demo and practice practice until you show consistent profit for a few weeks atleast before you come back to live. etc etc. All this cannot be done without correct money management. and those who dont care and just trade the same lot size are BLAZON!

[Bettina]

Hi,

I do it quite similar to Grant. My spreadsheet has an average risk of the last x trades, can choose month or week or whatever
M1 trades with AIMS are always very near that average, it changes between 9.1 and 9.6 . I always use 10 to calculate the lotsize, so a little below 1% in average.
If the single trade has 9 or 12 risk, is not relevant, I think. Won't be the reason to ruin an account Only if this significantly changed, I would change the lotsize. Meaning if I had a trade with 5 pips risk, i would double the lotsize.
Bettina

[Luke]

Thanks for the replys is your spread sheet in your journal grant? i have read yours just cant remember seeing it.
Immy i have just gone through all your daily die vids got to say thanks for your work you help people better than some system owners. I first started trading this proberly monday (didnt have a clue) tuesday and today now after watching them vids i feel lot more better about this i have been through the week and looking back i would only take a few trades a day not every dot that came up and broke the box. There is a little to learn with this but it is quiet easy. I really hope i can make this work as you all seem a very good energy to be around and its fun this way. Tomorrow i will use correct size and filter lots of trades but safe than sorry? i realise i have to much on my chart for my little brain to deal with so i have gone to the V5 and took the fib stuff off and 15 min hi and lo off. These things might work for some but at the min for me my brain cant cope with lots of levels were price might stall. 5 min and 1hr level is enough i think there main stalling points?

cheers

luke

[Grant]

Hi Luke

here are blank versions of the spread sheet i use. Not sure if your account is $ or £ based so i have attached both. If you use the £ one just remember that pip values will change so you will need to keep that up to date

any questions just ask

cheers

grant