Apex makes a cool stop loss trigger. That can really help keep the losses small if price goes against.
With my butterfly, at worst, one side wins and one side loses. It's not possible to for both sides to lose. So by using the stop trigger, the "losing" side with exit around $50 minus the premium. The winning side will payout $100 minus the premium to count against the loser. So in my case, a losing trade goes from a loss of -$38 to around a loss of around -$5. So now the r:r gets seriously awesome at 12.4:1 from 1.6:1 without using the stop loss trigger.
That is the road to profits over time. positive R:R. The amount of $$$ per trade setup might seem small but then it's a matter of as the account grows adding more contracts. With a R:R of 10:1 or possibly even better, it's almost statistically impossible to not make money over time. At worst, it is nearly impossible to blow out even if the win rate is something dismal like 10%. You can flip a coin and do better than that.
With my butterfly, at worst, one side wins and one side loses. It's not possible to for both sides to lose. So by using the stop trigger, the "losing" side with exit around $50 minus the premium. The winning side will payout $100 minus the premium to count against the loser. So in my case, a losing trade goes from a loss of -$38 to around a loss of around -$5. So now the r:r gets seriously awesome at 12.4:1 from 1.6:1 without using the stop loss trigger.
That is the road to profits over time. positive R:R. The amount of $$$ per trade setup might seem small but then it's a matter of as the account grows adding more contracts. With a R:R of 10:1 or possibly even better, it's almost statistically impossible to not make money over time. At worst, it is nearly impossible to blow out even if the win rate is something dismal like 10%. You can flip a coin and do better than that.
