Hi, Im trading 10 pips at a time, win or loose, Ive traded 5 trades, but lost 3 so far. I look at a lot of indicators, but it seems tht indicators are alright for entry signals, but after a few pips, price changes direction.
Is 10 pips too few to trade then on eur/usd. with $50 000 for a 100000 lot. Just new, so am trading I think 1,1
Its working out to about $10 a pip. If I loose 10 pips, I liquidate, or if I win 10 pips I also liquidate. Can I come out with profit after a lot of these small trades, as it seems indicators dont help, as after about 3 to 5 pips direction changes. Please anybody help.
Hey Bud, you saying You have TP and SL = @ 10 pips?
Is this Live or Demo?
If Demo, do you plan on starting with $50,000 when you really go live?
If you just starting, Just My Opinion, Start with 4H TF, and aim at 20-30 pips TP, and SL of 40-60,
If your TP and SL is the same, of course you have to win more to be profitable.
Good Luck
Indicators with too narrow or small periods usually give many false signals, especially on the lower time frames. Indicators with too wide or large periods usually give lagging signals but more accurate signals. But it would be too late to get in. Hence, I would suggest you adjust the inputs of the indicators such that the above examples are in “moderation”. Just tweak the readings until you find it “most” accurate, based on past price movement. However, just relying on indicators itself isn’t enough especially on the lower time frame. Like what Moneynvrsleeps said, it is better to start on the higher time frames to learn how prices move on the higher time frame before zooming into the lower ones. Because the lower time frames, might ultimately moves in the direction of the larger picture, in this case, the larger time frame.
If price is changing after entry then your indicators aren’t giving you right entries are they?