How many failed trades before you call it a day.

[Mr Fox]

As per title.

How many trades would have to fail, where you would cease trading for the day, or how much percentage loss.

 

[ZEN archer]

As per title.

How many trades would have to fail, where you would cease trading for the day, or how much percentage loss.

4% max - if each trade is 1% or less that could be 4 or more. If it's 'above 2% trade' - that's only 1 trade.

 

[WinnerSinner]

4% max - if each trade is 1% or less that could be 4 or more. If it's 'above 2% trade' - that's only 1 trade.

And may I ask, with all due respect ofcourse, how successful is your strategy, percentage wise ofcourse, that lets you risk 4%/day, as I would assume(probably wrongly), that on each day you have risked 4%, and if you are going for a minimum of 1:1 ratio, then that means every day you have a potential 4% return. Is this correct.

 

[cablemonster]

As per title.

How many trades would have to fail, where you would cease trading for the day, or how much percentage loss.

if i lose I just double up until it comes good. all good so far.

 

[ZEN archer]

And may I ask, with all due respect ofcourse, how successful is your strategy, percentage wise ofcourse, that lets you risk 4%/day, as I would assume(probably wrongly), that on each day you have risked 4%, and if you are going for a minimum of 1:1 ratio, then that means every day you have a potential 4% return. Is this correct.

I'll try my best WS
I don't trade every day. Also I tend to enter only on good set ups, so there are not many trades as I look for good set ups based on TA, FA and also pay close attention to news, reports, speeches (Bernanke etc.) etc. R/R is often worse than 1/1 depending on PA (sometimes I simply cut it if I feel I shouldn't be in) and occasionally is good. Sometimes I guess it nicely, sometimes I'm very wrong (buy tops or sell bottoms)

I risk from 0.5% up to 4% per trade - very rarely more than 3%

All that is non precise really apart from 4% loss - that is 'call it a day' loss level. BTW Most of my trades are from 1 to 2% (risk per trade)

 

[WinnerSinner]

I'll try my best WS
I don't trade every day. Also I tend to enter only on good set ups, so there are not many trades as I look for good set ups based on TA, FA and also pay close attention to news, reports, speeches (Bernanke etc.) etc. R/R is often worse than 1/1 depending on PA (sometimes I simply cut it if I feel I shouldn't be in) and occasionally is good. Sometimes I guess it nicely, sometimes I'm very wrong (buy tops or sell bottoms)

I risk from 0.5% up to 4% per trade - very rarely more than 3%

All that is non precise really apart from 4% loss - that is 'call it a day' loss level. BTW Most of my trades are from 1 to 2% (risk per trade)

Thanks for your reply Zen. I really appreciate it.
😊

 

[wackypete2]

Generally, I'd give up for the day if my first 3 trades were losses. Usually that means my style is not working with that day's price movements. There's always another day just around the corner.

Peter

 

[WinnerSinner]

Generally, I'd give up for the day if my first 3 trades were losses. Usually that means my style is not working with that day's price movements. There's always another day just around the corner.

Peter

Thanks for your reply Peter😊, and may I also ask ypu how much you risk per trade.

 

[NVP]

if i lose I just double up until it comes good. all good so far.

hahahahahahahahaha...................caught me off guard

 

[NVP]

As per title.

How many trades would have to fail, where you would cease trading for the day, or how much percentage loss.

Thats a good question and generally you will see responses around the "3 strikes and i'm out" variety...........

if you take a look at basic probability theory (which i recommend) you will know that even the best systems can easily attact a few consecutive losses before the wins reappear ......and naturally you will also get some nice strings of winners as well .....

personally I just keep coming at the market as I trust my systems and to see 3 in a row is pretty rare thankfully ............

N

 

[Pi3141]

For me, it depends on what you're overall success rate of winning to losing trades is. If its very high then you could probably grind out a few more trades and breakeven if you've had a few losing trades early on. If your overall success rate is about 50-70% ish then after a few losing trades I'd call it a day and not risk any more. Either way its best to keep a journal with various stats to help you know how well you're doing in general and to establish averages and norms in your trading.

 

[robster970]

Somewhere between 2&3.

2 if I can tell the conditions don't favour me, 3 if I think it is me misfiring.

 

[NVP]

also as I may have commented befroe in recent threads.......if you are able to monitor the markets and gauge the increasing volatility levels you are halfway there to increasing those odds

never go fishing until the fish start biting........

N

(fish ?...........who mentioned fish)

 

[robster970]

also as I may have commented befroe in recent threads.......if you are able to monitor the markets and gauge the increasing volatility levels you are halfway there to increasing those odds

never go fishing until the fish start biting........

N

(fish ?...........who mentioned fish)

That's the difference between 2&3 for me

Right I'm off for a golf lesson. Later.

 

[timsk]

. . .never go fishing until the fish start biting........

(fish ?...........who mentioned fish)

Hi NVP,
Speaking as an angler, I have to say your fishing analogy puts that cart before the horse and, as such, is something of a catch-22. For the fish to bite, the angler has to be fishing in the first place, lol!

Tim.

 

[neil]

Thats a good question and generally you will see responses around the "3 strikes and i'm out" variety...........

if you take a look at basic probability theory (which i recommend) you will know that even the best systems can easily attact a few consecutive losses before the wins reappear ......and naturally you will also get some nice strings of winners as well .....

personally I just keep coming at the market as I trust my systems and to see 3 in a row is pretty rare thankfully ............

N

Some say to quit for the day after a certain amount of cash is lost or trades lost in order to conserve ones' powder for another day. This is in addition to keeping several balls in the air such as trends on different time frames, your knowledge of TA plus time of day and upcoming reports etc. It might even save you from the devastating effects of a bite in the butt from any black swans lurking in the economic fogs out there, quite apart from preventing you from over or "revenge" trading. Thats my humble opinion on things anyway.

 

[Giovan]

1% risk per trade, taking a max of 5 trades/week.
If I loose two consecutive trades , then am done for the week.

 

[numbertea]

I call my system steel eggs because that's what I need to trade with it. When I have a loss it is usually around 12 points ES. When I get a loss I'm out for the day. Tomorrow is another day...see what went wrong.

Cheers

 

[Dinos]

2 consecutive losing trades and l call it a day, there's always tomorrow.

 

[Babyblush]

If i have more than two trades in loss then i just quit for the day so that i could make it up another day. Forex market is filled with opportunities so no worries.