MONEY MANAGMENT! Lol, be careful! Stay at .05 for now, give it a couple weeks, once you see the account continue to grow, than maybe up it some if you want! Like you said, don’t be greedy and take what you got, and grow from there, slow but surely will win this race!
Same here, I believe I was up around 150 or so, so good week here, lets continue next week!
Happy trading
Jason
Hi Fotovinic,
my SL is usually set at between 40 - 60 pips. I can’t risk more.
Many guys will set a TP of say, 90 pips, and a SL of a similar amount. They have far more confidence in the distance a pair will move and they also believe that a 90 pip SL will give the currency pair room to move or ‘breathe’.
Even though I set a 40 - 50 pip SL. I may sometimes use a trailing stop if I believe that there are more pips to be made.
David
As far as a stop loss and TP I’D always look for a 2:1 ratio minimal, so that way if you won 1 trade and lost 1 trade you’d still be in profit. Just my 2 cents!
Happy trading
Jason
Hi All
I have nothing appealing to me today. Hope you all a PIPful week ahead.
Question:
Do you guys think its better to set S/L and let our trades run till either TP or SL gets hit or is it better to close partial position on our trades?
I’ve noticed that if i set a S/L of 100 pips with 0.2 lots and close half and bring SL to BE when it hits a certain level, my reward to risk ratio will decline. Yes I may be in profit for now but if my next hits my full SL of 100 pips, i eill be in a loss, thus affecting this trading ‘edge’. Thoughts?
Hi Fotovinic,
I really dont have an answer for you as I was looking at how best to refine the entries. I think now that we have some solid entries we can move to the next objective that being exit, stop loss and TP signs. Some of my trades i exited early but that was to ensure I focus on the objective of entry. Will be looking back if I can learn something from them,
Morning all,
was anyone able to take advantage of the huge moves that have been taking place: eurcad (320 pips), usdjpy (240 pips), eurnzd (520 pips!!!) gbpjpy (307 pips)? Was there some fundamental news that I missed?
David
Hi Snipes,
I guess I have to agree with you. We all want a fixed method that will guarantee us security and comfort in our trades but then again, the markets are full of surprises. I guess our mindset must always be firm and not waver! Happy trading!
I was lucky enough to bag a couple of hundred Pips. Right place, right time.
There was no important news scheduled for today. Perhaps the reaction to the
bad news from China?
GUYS DONT TRADE RIGHT NOW, Dow is down 1000 points!!! Markets are mad right now, its not trading it’s gambling right now, wait until the dust settles.
I set a SL on a support or resistance level on the daily chart, TP i set to the recent swing high, than once about 75 pips profit, move to Break even or a trailing Stop loss, I only use the stop loss as protection in case something like what is happening today happens, so i’m protected with my account risk, but as soon as i can I make that SL into a profit level. Always I try for a 2:1 risk reward so i can lose 1 trade and win 1 trade and still be in profit. If i don’t see at least a 2:1 ratio I stay away from that trade, that’s just me!
Happy trading team
Jason
Anyway, USDJPY and EURUSD had a big move today. Seems like reversal is on its way for both pairs as the price now are at key levels I believe!
Thanks for clarifying Jason. May I know whether this method of setting your SLs work very well for you?
Personally I have not been stopped out yet, BUT BUT BUT remember it’s daily charts so larger stops that means. Mine are usually between 100-200 pips or so sometimes more sometimes less, And i look for a brand new cross of the 1 and 4 MA to get in early and get into profit to move my SL up, once im at Break even it’s a lot of stress gone lol. But Like i said, if my stop is 200 pips I wont even think of that trade if I can’t get at least 400 pips from it, so i try to find the pairs that I can safely put a 100 pip SL and 200 pip TP and once in profit, move to Break even, than once i’m like 150 pips in profit move SL to 100 pips and put a trailing stop on it and get rid of my TP.
Alright sounds good! One more question: Do you close partial profit when you move your SL to Breakeven?
Personally I don’t, but I have thought about it many times, how i’d do it is like this, say you would trade 1 lot normally, enter at 1 lot, than at 30 pips of profit, close out the trade and reopen a new one right after closing out that last one, but open it with .9 lots or .8 lots, and let it hit your tp from there, so that way you made 300$ on the 1 lot, than say that .8 trade goes 30 pips negative and you ended up closing it out, you would lost 240$ out of that 300 but still gained 60$, where in that situation you could’ve lost 240$ all together.
Im in with
NzdUsd short @ 0.65021
GbpNzd long @ 2.42326
EurChf long @ 1.08317
ChfJpy short @ 126.975
Smaller lots
[QUOTE=“Snipes;718692”]Im in with NzdUsd short @ 0.65021 GbpNzd long @ 2.42326 EurChf long @ 1.08317 ChfJpy short @ 126.975 Smaller lots[/QUOTE]
My SL is still very eratic.
NzdUsd -50 had a trailing stop and moved to SL to 50 didnt work
GbpNzd +55
EufChf still running
ChfJpy -100 should not have traded as price between 100 and 200
Still work to do with my SL… Lots of it
Have
UsdChf long @ 0.94026
AudNzd long @ 1.109473
EurChf long @ 1.08317