Quote:
Originally Posted by HAUGHT007
One of my buy limits just got hit. Which obviously means that I'm down on pips....but for some reason for the first time, I just smiled and actually almost it went down to hit another buy limit (more lost unrealized pips)!!! hahahaha.
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A famous man named Robert K. once said something like,
the habits of the rich and the poor are the same the ONLY difference is their attitude about money or what they think about money.
Make sure you have them spaced at least 20 or 30 pips apart initially
until you (we) are sure what range we are going to set into.
Always try to avoid Getting Too Many Too High (TMTH). Patience is key. You dont want your orders spaced 10 pips apart UNLESS you are at the bottom or already way down in a continued run down. When she runs down NEVER underestimate the force of her downward fury. You must be able to sustain a 1000 pip run down. If you have order spread across 1000 pips
you dont want the orders concentrated NEAR the TOP. the more concentrated NEAR the bottom they are the much better off your position will be in the long run.
With practice you will get a real feel for when it is going to dip down. That's all it ever does is dip down and rebound up. The idea is too have the most orders closer together near the bottom. Practice comes with trading a DEMO account.