In that case, I would take my next trade at the same lot size or somewhere inbetween 600,000 - 1,200,000. I must state though, that I would personally never take a 10 pip loss with that lot size. The only case would be price suddenly spiking too quickly for me to react, etc. When I'm going in at those lot sizes it is at very strong areas of sup/res where I'm very certain price will hold and if it doesn't, I don't need a move of 10 pips against me to prove me wrong. Yesterday morning on the EUR/USD was a good examlple - price came up to 4700 and bounced off, then did it again and dropped for a very nice gain.
I don't mean to get into this dick swinging contest, but when I see statistics like this, it is quite obvious you're not using any stops whatsoever and that you're whole "strategy" is to hold out until price comes back to where you want (or in this case, need) it to. You claim "risk was limited", but I would be interested in knowing (the truth of) what your max drawdown was, max drawdown on your worst trade ran you, and how long some of these trades were open. Because to claim you had a win rate of 97% in forex (even referring to it as a "win rate" implies gambling, not trading) - to any forex trader worth his/her salt is more relevant of Mr. Market type strategy than anything else. Anyone remember Skalpz/Coinz? He'd open two accounts, go long one and short the other on a given pair and just hold indefinitely. Hoping that a pair returns to a given point is not trading. It is, in all forms, gambling. It is no different than going to a casino and placing a bet.
lol, I don't know what to say in reply, you're wrong on pretty much all points! Most of the answers are in the thread, in fact they're in the post that urged you to post, but to save you the trouble of reading through it I'll give a brief reply to your points. If you need more detailed replies then please read my previous comments on exactly the same questions and perhaps reply to them instead of asking the same questions again. ...Dick swinging... - No, it was a response to what some people were saying regarding profit potential of trading forex, for instance one person was saying consistent monthly returns of 50% aren't possible. ....quite obvious you're not using any stops whatsoever... - Obvious, how? Surely 5% risk means just that, 5% risk! Stops were used. Trading without protecting equity in some way is never a good idea. Max drawdown and trade duration - 5%, and trades were open until they were closed, usually within a day but obviously no longer than a week. Win rate suggests gambling - Win:lose is a recognized way of expressing, well, the win to lose ratio. What would you prefer wins to be called? Gains? Profitable trades? I'm here to please and will call them whatever you like. Anyone remember Skalpz/Coinz - Yes, but how is that relevant? Although my trading in no way resembles 'going to a casino and placing a bet' (that much is obvious) it's interesting that you think going to a casino and placing a bet is automatically a bad thing and will lead to loss, a few people on this thread think the same thing. Why? Here's an excerpt from a previous post: There are smart gamblers and there are suckers or mug punters. A sucker relies on luck and a hope and a prayer. He hasn't analysed the statistical probabilities of winning overall, he just has a punt and hopes he wins. A smart gambler on the other hand makes sure he has an edge and that the probabilities of winning overall are in his favor. He doesn't rely on the outcome of one bet but instead looks to make money on a series of bets, overall he looks to be profitable regardless of the outcome of one individual bet. He manages his money and limits his risk while at the same time maximising his reward. He develops the discipline necessary to follow his strategy and avoid impulse or revenge betting. In essence that is trading.
". . . if you want to see a trader trading in real time let me know" (from post earlier this thread). Yes, I'd like to see that.
Good job! That calls for some accurate trading, I wish I could be that accurate because I always seem to need enough room to swing a cat so trade size has to be smaller to keep within my 2%.
I doubt you would recognize truth if it jumped up and bit you on your arse! I don't suppose we can expect a coherent reply to the answers I gave you in that post? Care to try and justify the nonsense you wrote? No, I ddn't think so.
I would be happy to engage you in clear, coherent debate. But you seem incapable of that, and revert instead to insulting. So what is the point in continuing the discussion? Flame wars are so boring, and getting drawn into them with someone like you is a waste of time and accomplishes nothing.