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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 3 users say Thank You to Big Mike for this post:
Fills should not be used synonymous with trades because fills usually refers to if an order was filled based on it's order type.
How many trades should you make a day?
I'd suggest not to scalp if you're trading spot forex because the spread will eat up your profits. It's better to trade from an hourly chart making 1 or 2 trades a day if that. You don't want to trade just to be in a trade out of boredom, that's how you'll lose money.
Last edited by Itchymoku; February 12th, 2014 at 08:10 AM.
In case you're wondering why you're getting a bunch of facetious answers, I believe the answer is twofold: 1. You've asked a very vague question and 2. you haven't demonstrated any evidence that you've put any effort whatsoever into doing any analysis/research into finding the answer yourself.
The following 4 users say Thank You to HitTheCity for this post:
that the fewer average trades per day the more money you are making. As every closing transaction is gauranteed to be a loser or killing a winner. Think about it before you flame me and reflect on @Big Mike and @tigertrader answer.
The following user says Thank You to wldman for this post:
Another way to see how the number of trades are affecting your profit per day is by multiplying
your number of trades per day by your total cost for a single trip which includes commission & fees.
Say it was $5.21 for AMP or Mirus or something like that. Then 15 trades in a session would be about $5.21 X 15 trades = $68 or so in commissions and fees.
Then you'd want your daily take with 15 trades/session to be at least $340 in gross profit so the % paid to commissions&fees (I guess commissions & fees could be considered expenses just going by trading session) would be within less than 20% on average. (in the case of $340, about -20% in which the trader keeps $272 ("net income" " before income taxes! "))
Last edited by Cloudy; February 14th, 2014 at 10:16 PM.
The following user says Thank You to Cloudy for this post: