Quote:
Originally Posted by phil838
Sure!
Using the same example from the ebook, say you wanted to risk $20 and your trade had a stoploss of 50 pips. That's $20/50, which is 40 cents per pip. A standard lot is $10 per pip, a mini is $1, and a micro is $0.10. If 1 mini lots is $1, then .4 mini lots is 40 cents.
Some brokers won't let you trade fractions of a lot though. If that's the case then you'll either need to get a new broker or move down to a micro account.
As for IB's, the color does not matter. Using Johnny's picture he posted the only IB I would have used to help base a trading decision off of would have been the fourth one where price bounced off the S+R zone. I only use the IB's to help confirm a reversal and to determine an entry point (a few pips above or below the IB).
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HI Phil & Johnny, Thanks for the reply.
Phil,
(1) I usually having problem to decide my exit point. When I look at the candle moving against me, I will exit prematurely and my profit is always very small even though i got a good entry. Any advice on the Profit take?
How do you get 630pips?(shown in your last page of ebook) How long do you need to stay in that trade? Do you check news for exit? what type of trader are you- intraday or long term?
(2) Correct me if I am wrong, anything falls within S&R zone is in the no man's land, so, will you attempt to enter trade if the momentum is high?
If not, what will you do then?
(3) What is your win:loss ratio base on your trading method? How many pips you get per week?
(4) Looking forward to your live trading room,btw, where do you located? will you hold it during Asian time or Europe time?
Sorry for all these long winded questions and thanks for your great help
