Stop Loss Question
Hi Tymen,
Glad to see you back and hope your doing better...I am a total newbie and still in the study phase of FOREX...I looked at various systems and finally have settled on your method as it seems to make the most sense for my particular situation.
I have been setting my various trading rules and there were two areas where I could use some guidance.
1. I set my stop/loss at 10% of my total account or 20pips as one money management rule. Do you think this is wise - or should I follow the method you outlined earlier? How hard and fast are your SL rules in this regards?
2. I have been jumping from chart and chart while demo'ing and still don't feel comfortable with a timeframe for my main chart. Can you or someone knowledgable give further guidance on the main chart time frame with a rationale for why you use a 1hr or 25min, etc timeframe?
Looking forward to more trades and charts...thanks so much...
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