I agree lots of experience here. Which is way due to the feedback I have decided to cut my risk.
I am now risking 1% instead of 2% and to scale into position. 1st trade with .5% risk and 2nd trade once proven with another .5%. I didnt think I had to explain why but that seems to be the case. My logic is that at least 40% of trades I have found in my back testing dont really go anywhere and result in losses, so why put 2% risk for nothing – ie cut my losses. Then I thought most of my positions once they get going typically reach their TP, which is why I thought if I can cut my losses early and buy more when in my favour that this is the best system for me to have.
I will brake it down. I typically do a 3:1 risk $500 (2% capital risk) to make $1500 per trade and was getting killed, so I decided to risk $250 to make $750 and I will trail to b/even and then buy another lot risking $250 to make $500 at 2:1.
So if we analyse this strategy it gives me the following:
max loss is $250
break even is NIL
max profit is $1250
that is 5 to 1 which in my logic is bloody great. I only need to profit 17% circa to break even and seem to be able to profit 40% circa.
I thought it was quite clever doing this and am excited to back test once i can figure out the code, which as you have put it where I can use the knowledge and education of the members here.
Can I pls get assistance with the code to scale into a position and how to write the code?
