27
Mar
MyTrade : Result for 080327
Hello, as Mr. Alex Wong a senior trader advice me about money management, I decided to follow his advice of protecting the money into from certain risk. Maybe his message is to ask me to reduce risk but a stable profit. I want to message him badly ask ask him some tips that I believe I could share to you later.
Because I have not much knowledge, so I don’t know what I should do. As my noob act. I withdraw all the capital and profit from the old broker. So from the 300%. I deposit back 100% to this new broker to test whether this broker is scam or not (as my 2nd objective actually). My first objective is to secure the profit like Mr Alex told me. So this is my new account that I’ve opened on 25th of March.
Hi, Aidil. Firstly, thanks for the comment on my blog and being an avid reader.
Well, on your comment, neither we nor the market movements are perfect, and that is also why good money management is important. No need to beat ourselves up when the market proves us wrong (yes, I often fall into that trap too), what’s more important is not to let ego get in our way, and incur more losses than we should. So if the wavecount is wrong, just take your losses, watch, and wait for the next opportunity.
Yes, Jeff Kenndy from EWI does have a different version of trading the zone. And actually, I like Jeff’s video better because he is very precise as to where to set the stops and the price objectives. Elliot Wave is still my main tool, but trading the zone is quite interesting too! Actually, I would recommend EWI’s video “How to spot trading opportunities part 2″ if one is interested to find out more.
On money management, you need to have determine your own level of comfort. Typically for me, I try (very diligently) to keep trade losses within 2% of my total capital per trade, with a maximum of 3 trades at any one time. That actually brings up my potential losses to 6% at any one time. Actually babypips does explain this quite well, you may want to check out : http://www.babypips.com/school/money_management.html
p.s. I’ve also posted this comment on my blog in reply to yours.