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-- Big Mike, Site Administrator
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Hi Mike, 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 I can send you my trading report/statement so that u or anyone who's experienced can have a look and advice accordingly. I intend to join a prop once I tackle the current challenge.
Thank you!
Regards, Dennis
Can you help answer these questions from other members on NexusFi?
I don't know if anyone will be interested in looking over your statements, but there are experienced traders here who can help with risk management issues, if you can be more specific about what you are encountering.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
When you say risk management you need to be a bit more specific - are you talking about having problems keeping your stops in place and sticking to stop placement? If so, that is probably more a psychological issue.
Alternatively you might be looking at a position sizing issue, in which some tweaks could be useful. Certainly you want to be changing the size of your position dependent on how big your stop loss it, as a rule the bigger the stop loss (in terms of points/ticks from entry, or % if you a trading a stock) the smaller the position size and vice-versa. You want to equalise your losses to begin with, then move from there.
