The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Brooks Trading Course social media communities
New trader here and roughly 60% through the trading course. Try to follow Al's advice to only trade MTR and go for swing trades. Did watch all MTR and swing trade related videos.
The main advice for taking (partial) mprofit in swing trade, to my understanding, is to go for at least 2x your risk. I use my initial risk, thus this is mostly larger than actual risk.
Other advice is, to always have SL and TP orders in the market. Well, definitely the SL order.
Now when trading only 1 contract in the micro emini, taking partial risks is not possible. And when using a TP order at 2x risk, I never catch a big move. Which should occur 20% of the times.
Should I just keep trading with TP order at 2x risk or with TP in order to catch the big moves. Well, if I manage to keep holding. Which might be valuable exercise by it self.
As side note: I do invest in trading account every month, so should be able to trade 2 contracts or more in the future. But for now I am following the slow and steady path, well try to.
Thanks in advance for your time.
Two solutions come quickly to mind. First is take the 2x risk profit and settle for that until you can trade another contract. Second is to stay with the "always in" trade and use price action to take profit on that contract. That does require a pretty good ability to read the market and know when that "always in" ends.
Hi Eelco,
In the beginning it's probably better to focus on achieving 2X and not worry too much about partials. Juggling contracts and experimenting with exotic money management techniques comes later when the reading of the charts becomes second nature.
Keep trying for 2X in a consistent, methodical fashion. The key to success isn't in catching the biggest moves but in being consistent with whatever strategy already works. If you're trading a simple 2X swing strategy and your PnL is sloping upward over an extended period of time, your drawdowns are minor and your emotions and discipline are under control then you're already a successful trader. It's much easier to scale vertically with more contracts from utilizing a single successful strategy than trying to expand horizontally across multiple setups and techniques.
Hope that helped!
CH
___________________________
BPA Telegram Group
Dear Eelco Henderichs,
If you read the blog written by Brad Wolff, he always mentioned the following points.
- If a trader waits for 6-12 bars, they gain more certainty on the day’s structure. Also, it is common to see at least one opening reversal during the first 6 bars, so a trader avoids getting trapped by waiting.
- If today is going to be a trend day, there will be plenty of time to enter the trend’s direction.
If you can only trade 1 contract, you better:
- Find out it is a trading range day or a trend day.
- If it is a trend day, buy market order or pull back. Setup your 1X-2X initial risk profit target according to the market condition.
- If it is a trading range day, buy double bottom H2 or sell double top L2. Setup 1X-2X initial risk profit target. Place the SL one point below/above the low/high of double bottom/top.
Regards,
Ma Hei Chun
Thanks for the ideas. Not that familiar with the always in approach. Sounds interesting in future with more experience.
For time being it would be best indeed to just go for the 2x in stead of trying to catch the big moves. Should be to way to build more confidence in the strategy and my ability. In mean time keep investing in trading account and go from there. Also combats one of my pitfalls, wanted to much to fast.
