Originally posted by Zestfulmocha
Thanks Rick,
Donated a couple back today unfortunately! clear.png That makes sense about the scaling, made quite a few trades today and got burned, splitting the lots and scaling in will help with any draw downs early on too so I like that, just gotta be disciplined I suppose.
Yes mate would be interested to see how you do it, not sure what ADR means will hit google tonight.
Cheers,
Hi Zest
The market is pissed you won yesterday so will hunt you today, that's how it seems to me anyway.
If you choose to enter a position with multiple trades, it is best to space them out in a percentage of the daily range. For example the EURNZD has a average daily range of 110 pips ( 100 Days )
AUDUSD has a average daily range of 61 pips ( 100 Days )
So I would use 0.5 space for H4 or Day charts - AUDUSD = 31 pips EURNZD = 55 pips
On M5 - M15, I would use 0.25 space.
The whole ideal is it gives you TIME to exit before a loss occurs. I manage all my baskets with a average price indicator which shows me where the break even for all trades is. Then I simply set trade manager to close all trades when say profit falls to maybe 75% the highest amount reached. Two weeks ago I reach around 950 pips with EURNZD before it fell back to 730 pips where it all got closed out.