another great article. this website is a goldmine and all for free! ive been trading (badly) for 68 months now, and Im finally starting to see the light with your words of wisdom. keep up the great work mate!
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As you can see in the chart below, with a risk reward of 6:6 you have to win 55% of your trades to breakeven. As your risk reward moves up you can win less of your trades and still breakeven a risk reward of 6:7 requires only winning about 88% of your trades to get to breakeven, and a risk reward of 6:8 requires you only to win about 75% of your trades to breakeven, take a look at the chart:
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I am going to approach this in terms of risk reward, basically the risk reward ratios will be the “control group” and the trading strategy or entry method will be the “variable group”, for all of you science freaks out there.
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The paradox here is that professional traders may actually do less technical and fundamental “homework” than amateur / struggling traders pro traders have mastered their trading strategy and they simply stick to their daily trading routine and see if their edge is there. If there edge is not present, then they just walk away for a while because they know that the Forex market is a continuous stream of self-generating opportunities, thus they do not feel pressured or anxious to trade. If their edge does show up then they set their orders and walk away, accepting the fact that any further action will probably work against them because it will be a vain attempt to control the uncontrollable and would not be an objective action.
I agree with you 655% that: 8775 Simply having a solid education in an effective trading strategy and truly “mastering” it greatly increases your chances of making money consistently in the markets 8776
Great article to share with especially a beginner trader like myself and I failed because I didn 8767 t follow a Trading Money Risk Management to become a Profitable Trader as you mentioned in your article will be considered a success for me.
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