You cannot monitor the Daily overnight (well you can but you’ll be waking up to see what is happening with alarms). When you trade the Daily, your target should be much more than just 68 pips.
You either need to accept that it is a swing trade or you need to trade intraday until you are comfortable with the pip numbers.
It’s a bit of a catch 22 because the Daily should be easier to trade but because you don’t get as many trades in, your trading experience won’t grow as quickly or rather your psychology of trading. On the other hand trading intraday will see you making more trades and smaller targets (but you must not chase trades).
It’s about hitting singles rather than boundaries (…or home runs if you like).
Yep, lock that stop in at break even and if all else fails, you start over. 
You have fallen into the trap most of new entrants to trading do.
And judging by the majority of posts in this forum a lot of people still do.
[B]You don’t have a trade management structure you’re intending using in place [U]before[/U] you placed your trade.[/B]
Your trade management structure lays out the rules for protecting your profit, yourself indirectly and controlling the risk you are willing to take.
I would advise you to do some serious thinking about how you are going to manage your future trades and write it down as rules you are following without exception.
That will ensure you will [U]never[/U] have such an experience again [B]if[/B] you follow your rules of trade management structure you’re intending using.
hmm… i’ll try it out… thanks miguel.
that’s e thing… bout trade size… how do we determine trade size?
well r carter, i tried to trade the 4h chart, i placed a buy limit at 1.4282 on the E/U and… it missed the buy literally buy 1 pip:mad:, target was 1.4404
any1 can teach me about MAs? kinda confused over which period to use and wat MA to use?
risk %
start here, with a 1000$ account trading 1$ pips a 1% trade would be 10 pips (or 10$) a 2% trade would be 20 pips and 3 % would be 30 pips and so on. now lets say your using a 100$ account since its a factor of 10 lower then 1000 simply take a zero off the 1$ pip making it .10$ pips now you can use the exact same SL (10 pips @ .10$ a pip for 1% 20 pips for 2% and 30 pips for 3%, all you need to do is simply manipulate the 1000$ account to your account size
You are saying this mainly because it is not you.It is easier said than done.
The formula is
RISK = POSITION SIZE * STOP LOSS
Example:
1pip=1 dollar
capital=1000 dollar
risk=2%
20 dollar = 2%
You can either take a 1 Lot position with a 20 pip S/L.
Or you can take a 2 Lot position with 10 pip S/L each.
RISK=2% in both positions.
I gave you some sound advice.
I am not going to argue with you.
If you don’t want to put in the work it has got nothing to do with me. --Period.
have you written a tradeplan trader?
One of the best bits you will ever do - for an easy setup work through the one on meetpips.com - that will give you a starting guide.
I actually wrote myself a business plan over Xmas for trading - made me think a lot and the b.plan has a whole section on trade plans for the various methods I use including reducing my risk.
Mr SanMiguel,
One of the things that baffle me about this forex trade is the fact that even when you have all the signals-overbought/sold,wick, 20:2,20:1,10:1,5.1,2.1 LWMA,SMA and all the stuffs that the trade is right,you still enter and discover that the trade is turned against you.It really baffles me because it seems all these indicators and signals and analysis are just guess game.
This needs to be clarified before i can write trade plan.Else everything will still crumble.
What is your opinion on this?
Thank you.
Dan.
So, the trade always turns against you? :eek:
Plenty of things can happen including news, Asian session vs LondonNY session, etc. Concentrate on the money management aspect. The fact that you are asking about risk should be a concern - this is the first thing every trader should think about and have in their TRADE PLAN.
sometimes.Not everytime.Even when the whole signals and analysis are ok.
Did you factor in public opinion? News? market sentiment? … it doesn’t matter what the indicators say, they aren’t gospel. You have to prepare for the worst, can’t sit back like a boss and expect everything to go your way every time. 
Haven’t posted some charts for a while so here is a quick +20 trade (exited due to the MAs below it and near middle boll band).
This is a 10m chart with 1hr bollingers.
Flat bollinger, one of my favourite times to trade it.
Well,i am not sitting back like a boss.I am just asking question about what makes trade go wrong way after everything seems perfect.It is not about me.
Can you post your trade execution procedure in text here in order to gauge what makes you enter a trade?
It works like this:
Signal
Confirmation
Trade execution=enter
Trade management structure
With above information people might be able to help you.
d-pip
They got what they wanted.
ADP Non-Farm Employment Change news print.
Actual -84K
Forecast -74K
Previous -145K
That was expected. 10.000 difference is no big deal.
ECB crowd in Greece is not going to bail out Greece. News print came soon afterwards.
This will be the trigger coming Friday.
[B]NFP[/B]
Forecast -3K
Previous -11K
Actual will be at least 10,000 or so jobs to the good.
+plus ECB news conference regarding Greece.
And then we are off to the races. :D:D:D
WARNING–This post expresses my own views and is by no means an encouragement to trade news prints. I take no responsibility for any trades taken because of this post.
Think NFP will be largely a non event as the numbers are expected. But it looks like you could well be right regarding the longer term USD prospects as USD Index as log scale is around 78… could it get any lower?
Love your disclaimer… only in the US. 