I currently have a journal which i have found to be consistently successful. My only issue before going live is that i need some input to see if my mentality on my initial stop versus trailing stops are mathematically/logically correct.
I currently use 3 lots when i open the trade w/ an initial stop loss of 60pips.
So the max pips i will lose is 180pips.
Given that, i always aim for an initial target over 200pips (total of the 3 lots), Now i feel that most people would not agree with this win to loss ratio, but i use trailing stops where every 50 pips profit on a lot is locked in by exiting 1 of the lots and moving the stop loss to break even.. (then on the next lot come out at 100pips profit and moving stop loss to 50pips profit (locking that in)).
Since i am moving the stop loss to break even, can i consider this as a new trade where now my win to loss ratio is much higher since i am risking nothing to gain profits cuz i can only break even at worst... or does this still count toward the initial ratio and other money management tools?
If anyone has any suggestions on how i can possibly resolve this issue without modifying my strategy too much (since it has brought me consistent profits and it works w/ my schedule) it would be greatly appreciated!
Thanks
PS: my journal can be viewed through this link:
http://www.forexfactory.com/showthre...t=12084&page=9
I currently use 3 lots when i open the trade w/ an initial stop loss of 60pips.
So the max pips i will lose is 180pips.
Given that, i always aim for an initial target over 200pips (total of the 3 lots), Now i feel that most people would not agree with this win to loss ratio, but i use trailing stops where every 50 pips profit on a lot is locked in by exiting 1 of the lots and moving the stop loss to break even.. (then on the next lot come out at 100pips profit and moving stop loss to 50pips profit (locking that in)).
Since i am moving the stop loss to break even, can i consider this as a new trade where now my win to loss ratio is much higher since i am risking nothing to gain profits cuz i can only break even at worst... or does this still count toward the initial ratio and other money management tools?
If anyone has any suggestions on how i can possibly resolve this issue without modifying my strategy too much (since it has brought me consistent profits and it works w/ my schedule) it would be greatly appreciated!
Thanks
PS: my journal can be viewed through this link:
http://www.forexfactory.com/showthre...t=12084&page=9