If you were to take 1,000 traders they would all have different strategies & methods. Finding a way that suits YOU is step No 1. Also, a trader normally goes through several development stages. Some only go through 1 stage
Yep.. THE true sign of success is accepting the ones that don't work and moving on... I Still have losses from last year in my head..
Listen to your friend...he will set you on the right track...ideally 1.5 x average risk will serve you well over time...I use this method trading 6E... Good luck... NiN
I went long at about 4am ET and took a loser as well... the morning looked good up until about 9:50ET when it became apparent that we were going south for a while. Side note... what is R4? Fibs?
It's been 5 trading sessions in December yet look at DX volume, it's impressive. Already almost matching last May's volume! There are some big bets/hedging going on there. Makes you wonder. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3029920>