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Requesting assistance on Risk management


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Requesting assistance on Risk management

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  #1 (permalink)
Mwenga
Nairobi, Kenya
 
 
Posts: 18 since Mar 2018
Thanks: 13 given, 26 received

Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis

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  #2 (permalink)
Mwenga
Nairobi, Kenya
 
 
Posts: 18 since Mar 2018
Thanks: 13 given, 26 received


Mwenga View Post
Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis

I most likely have a money keeping problem. My goal is to make 100 pips per week. Sometimes I attain this goal but end up losing it all or more than half of it before the week ends.

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  #3 (permalink)
CLNymex
Mumbai, India
 
 
Posts: 19 since May 2018
Thanks: 0 given, 17 received


Your solution is to draw out your winnings each time you reach your target. Remember to do it the next time you reach your target before doing anything else in your account.

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  #4 (permalink)
 SBtrader82 
Rovigo (ITALY)
 
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Mwenga View Post
Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis

If you want I can give a lot at your statements and give you my point of view.
I will need something more than a equity line, do you have reports with trades? Which platform do you use?

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  #5 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Mwenga View Post
Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis


Mwenga View Post
I most likely have a money keeping problem. My goal is to make 100 pips per week. Sometimes I attain this goal but end up losing it all or more than half of it before the week ends.

@Mwenga

Hi Dennis,

A couple of things. First, lose the weekly goal and focus on making good trades. You do that and the pips will follow. Second, If your making money then losing losing your money by the end of the day then your overtrading. I would suggest trying longer term trades. Try a overnight trade or even multi day trade. Or simply limit the number of trades you take per day. In my experience longer term trades can be more profitable / or slow down the bleeding of capital over time because your not overtrading.

Hope this help!
Robert

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You make your own opportunities in life.
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  #6 (permalink)
 Fonz 
Miami, Fl
 
Experience: Advanced
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Trading: Futures
 
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Posts: 28 since Feb 2012
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Mwenga View Post
I most likely have a money keeping problem. My goal is to make 100 pips per week. Sometimes I attain this goal but end up losing it all or more than half of it before the week ends.

You know you have a money keeping problem: Perhaps you should consider first your risks, and stick to a daily and weekly loss limits instead of a profit goal?
When I realized that the profits must come if I become obsessed with losses (or in fact, how not to lose!), my trading became less exciting but way more profitable.
You already posted in "Psychology and Money management", it seems to me that you know what not not to do.
Best!

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  #7 (permalink)
 Shmo7 
Toronto, Canada
 
Experience: Advanced
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Posts: 14 since Aug 2017
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To me, risk management is all about getting out when your trading set-up goes against you. You really should have a line in the sand that is drawn before you enter a trade.

Personally, I've developed a detailed "playbook" for all my set-ups and I know exactly what to do when my set-ups go in my favour (trade management) and when this happens, my job is to squeeze as much profit out of the markets as possible (sounds easier than it really is). Conversely, when my set-ups don't go according to how I anticipated things to be (risk management)..... I'm out with as little lose as possible. I can always re-enter later if my entry set-up represents itself.

Make sure your set-ups are sound, and then all you need to do is to stay disciplined to your playbook! Once a trade is done, win or lose, move on to the next trade. Don't let fear or emotions control/dictate your trading..... it's not part of the playbook. As you gain experience, revise/update your playbook.

Hope this helps!
-Shmo

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