He’s been busy on the soap box today
- Is to tell EU27 that more clarity is needed on the bill, and that the bill cannot be tied to trade talks
Apparently these are comments he’s made/going to make to EU ministers. The headlines come from Bloomberg and they look to be negative spin on actual positive comments he made earlier.
Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
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Hello Ryan I hope you will be fine I have two questions
Q1.According to me reading is to make pips keep pips and have pips…with same lot…But I have heared many times from you that “I Took Some Money Off The Table In For Example Xyz Trade…You Often Say This”And you let the other lot or trade run…
Q2. You Often Say I Will add some more money of price will go lower or higher etc…This is not making pips with same lot same money risking and gaining…
My mind is to take each trade each day each month with same lot and then try to make pips maximum…How Your strategy works ? Because according to me trading is to make pips with targets…what you say about it ?
Hi Ali.
It all depends on how I view each trade and market when I trade. At the moment I see no real direction in many pairs. A lot of them are just ranging and have been ranging for a long time. I like to try and catch big trends and fundamental & sentiment changes as that can bring the big rewards, like my EURUSD longs I’ve been holding for nearly a year.
If those trends aren’t happening then I have to change how I trade and try and trade more short-term or intraday. If that’s the case, and I’m trading markets in a range, I like to lock in profits where I can.
If you saw my posts/tweets on Friday about trading short USDCAD you’ll see that there was no big strategy, just that I was trading off what I saw was a good level up towards 1.2820/30, and that I didn’t believe the news/data justified the price being up there. As it was such a slow move down, and it was late on a Friday and I didn’t want to hold the trade over the weekend, I decided to take profit as it fell.
If I’m trading long-term, I plan my trade so that I can be comfortable if it goes offside.
If I’m trading short-term, I may only be looking for a small amount of pips and so I will have a tighter stop and I’ll lock in profit quicker because all it takes is one headline or data point to knock me out.
In your second question, if my strategy is to add as a price moves then I will plan this from the start. If I see two levels that are close together, I will perhaps spit the trade in two to try and get a trade at each level ( a better average entry). I’ll half my risk to trade each level to start, rather than double it to trade each level.
Is this strategy not ok Just to make pips with same lot each day while month I mean in short term intraday trading…Because if you will make 300 pips in one month with any lot for example 0.01 then it will be approx $30…In This way we will loss same and win same…But in your case we will make different amount that can be less or more than $30…because we are entering at different levels..with different lots in the same manner exiting…I mean just focus on pips…Ryan is it easy to make 300 pips a month ? In my point of view we will have to minimise our losses if we want to get to 300pips..In trading Should we focus on pips ? And how much pips are enough for month or year for a succesfull force trader…??
I never focus on pip counts, I focus on banking a winner, whether it’s 1 pip or 100. You have to work out how much you want to risk on whatever strategy you wish to use. If you want to scalp for 5-10 pips then you have to decide how much you want to make that worth. I look at it from an £ amount basis, For example let’s say I look at a trade. After picking my levels I might make sure the risk reward is ok, then I’ll decide how much I want to put on the trade. That will be the amount from entry to stop. Then my possible profit is derived from that.
As I trade via spread betting I don’t trade “lots” so I define how many £’s per pip I want to risk.
You have to decide what you want to achieve from trading otherwise it’s pointless. If you have a $500 account and want to make 10% a month, you’re not going to make a living in the real world on that. If you just want to make some pocket money, then great. You have to analyse why you want to trade. Is it for a career or is it just to make some extra cash. Only then can you decide how much you want to invest in yourself to trade, to achieve the outcome you want.
A lot of people put open small accounts and think they will be earning a living and can give up their job in a few months. That’s just not going to work. If I use your example where 300 pips is only worth $30 then you have to ask the question about whether you want to increase your trade size. If you only have $500 account, $30 is a big return. If you have a $5000 account, it’s not so big etc etc.
Lastly, the main focus should be on making sure you win more trades than you lose. If you can do that regularly and consistently, then you can turn that into whatever size of profits you want.
Sorry for late reply Yes you are absolutely right…Trading is in my blood…. So I want to trade 24 hours a day and 365 days a year lolz…Yes you are right of account is $5000 then there will be more big lots which will turn into big profits or losses…Yes I Agree with you it depend upon how much I risk…Lastly you are absolutely right here that we should focus on wining trades because if I have more and more wining trades then I will turn that whatever amounts of profits I want…