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  1. #21
    Legendry Member willyw's Avatar
    Quote Originally Posted by milos View Post
    I use target price as entry points. It is the most important to trade binary options.
    Yes price targets are very important
    Willy Twitter: Hidden Content

  2. #22
    Moderator Kolyo's Avatar
    Sometimes limiting trades per day can work quite well. But you have to know your circumstances and habits before making the final decision. For example if you find that your average trade number per day is 3-5 than limiting to first 5 trades is good thing. Better in my view is limiting trading hours, if you are most productive for example first 4 hours of the European trading session than it is ok to trade only this time period and avoid all other times of the day. Trading is all about habits and data mining, finding what works and what doesn't work for you. That's why you have to be careful and precise when you do some targets/limits. However don't target your daily profit this is a bad habit and never works well.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  3. #23
    Rookie Member
    Do you have a certain number of trades you limit yourself to every day?

    My plan is to move my account up the amount of three winning trades per day. If I have 1, 2, 3 winners, I stop. If I have a loss, I trade two more wins to get it back.

    The key point is, did your loss occur while you are following your rules? If "yes", then you have a problem. You should be trading a strategy that wins 4 out of 5 times. In that scenario, if the loss happens while following your rules, you'll recover it in the following trades. Assuming you stick to your rules.

    If you break your own trading rules, self control is your issue. Nothing else.

    I was hopeless for a long time, glued to the screen. Now'days I wait for a nice breakount, and trade the first pullback. It's easy to get three of those each day.

    Davo

  4. #24
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Davopal View Post
    Do you have a certain number of trades you limit yourself to every day?

    My plan is to move my account up the amount of three winning trades per day. If I have 1, 2, 3 winners, I stop. If I have a loss, I trade two more wins to get it back.

    The key point is, did your loss occur while you are following your rules? If "yes", then you have a problem. You should be trading a strategy that wins 4 out of 5 times. In that scenario, if the loss happens while following your rules, you'll recover it in the following trades. Assuming you stick to your rules.

    If you break your own trading rules, self control is your issue. Nothing else.

    I was hopeless for a long time, glued to the screen. Now'days I wait for a nice breakount, and trade the first pullback. It's easy to get three of those each day.

    Davo
    there is so much wrong with what you say. First, even good strategies lose sometimes. Second, there is no way to guarantee 4 out of 5 wins or any win rate because there are too many variables in play. Third, no strategy works every day because conditions are different every day, some days the market ragnes and some days it rallies. Fourth, you can't assume that if you lose you will automatically win the next two to get it back, that is fantasy land.

  5. #25
    Legendry Member milos's Avatar
    Quote Originally Posted by Davopal View Post
    Do you have a certain number of trades you limit yourself to every day?

    My plan is to move my account up the amount of three winning trades per day. If I have 1, 2, 3 winners, I stop. If I have a loss, I trade two more wins to get it back.

    The key point is, did your loss occur while you are following your rules? If "yes", then you have a problem. You should be trading a strategy that wins 4 out of 5 times. In that scenario, if the loss happens while following your rules, you'll recover it in the following trades. Assuming you stick to your rules.

    If you break your own trading rules, self control is your issue. Nothing else.

    I was hopeless for a long time, glued to the screen. Now'days I wait for a nice breakount, and trade the first pullback. It's easy to get three of those each day.

    Davo
    Hello Davo!

    3 consecutive winning trades stop trading
    1 lost trade stop trading!

  6. #26
    Moderator Kolyo's Avatar
    For beginners I am advising exactly the same as Milos but continue to trade on demo. Limiting trades per day helps only from psychological point of view. It prevents revenge trading and prevent overconfidence after winning streak. This is why it helps, but if you are seasoned trader there is no point to trade only 3 trades a day, if your strategy gives more signals. The point here is to follow rules and avoid chaotic and random trading in all cases.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  7. #27
    Legendry Member milos's Avatar
    Quote Originally Posted by Kolyo View Post
    For beginners I am advising exactly the same as Milos but continue to trade on demo. Limiting trades per day helps only from psychological point of view. It prevents revenge trading and prevent overconfidence after winning streak. This is why it helps, but if you are seasoned trader there is no point to trade only 3 trades a day, if your strategy gives more signals. The point here is to follow rules and avoid chaotic and random trading in all cases.
    I agree with you Kolyo. Beginners should practice demo account.

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