Hey Howard,
I don't trade two lots on each pair anymore - I've changed it whatever number of lots equals to 10% of my account balance for each trade. I use my discretion as to what proportion of my position I set to take profit at +100 pips and what proportion I let run. Usually half and half or two thirds and one third. I only trade EURUSD, USDCHF, and GBPUSD.
Thanks for posting the chart! I still haven't figured out how to do that. I'll have to try again. One crucial point I saw missing on the chart that I use now is a 14 SMA.
Oh, and one thing I should probably mention that has been pointed out to me by a friend is that my pip count on each trade is the final count for the last lot closed on the trade. For instance, If I had a trade with three lots, and two of the lots closed out TP +100pips and the third lot went a further +50 pips before it closed out, I would count this trade as banking +150 pips. I risk 10% on each trade, so in this instance the risk would be divided amongst the lots. Since all three lots didn't reach +150 pips (only the third one did), the pip count could not be used to reflect or indicate account growth accurately. In order to calculate my account growth I simply look at the % of growth in my account after each TP in comparision to my balance at the start of the month. Sorry about the confusion...
Oh, and thanks for the kind words JohnDoe! I checked out your journal and it looks like you're doing well yourself... keep at 'er!
I don't trade two lots on each pair anymore - I've changed it whatever number of lots equals to 10% of my account balance for each trade. I use my discretion as to what proportion of my position I set to take profit at +100 pips and what proportion I let run. Usually half and half or two thirds and one third. I only trade EURUSD, USDCHF, and GBPUSD.
Thanks for posting the chart! I still haven't figured out how to do that. I'll have to try again. One crucial point I saw missing on the chart that I use now is a 14 SMA.
Oh, and one thing I should probably mention that has been pointed out to me by a friend is that my pip count on each trade is the final count for the last lot closed on the trade. For instance, If I had a trade with three lots, and two of the lots closed out TP +100pips and the third lot went a further +50 pips before it closed out, I would count this trade as banking +150 pips. I risk 10% on each trade, so in this instance the risk would be divided amongst the lots. Since all three lots didn't reach +150 pips (only the third one did), the pip count could not be used to reflect or indicate account growth accurately. In order to calculate my account growth I simply look at the % of growth in my account after each TP in comparision to my balance at the start of the month. Sorry about the confusion...
Oh, and thanks for the kind words JohnDoe! I checked out your journal and it looks like you're doing well yourself... keep at 'er!