My first 2 trades since starting over. Any thoughts?

I did Pipsology, traded demo, went live and lost half my account, and went back to demo.

I started Pipsology again, and started reviewing books I already read. I’m paying attention to JannaFx’s strategy and Pipsology’s lessons on trading breakouts. Shout out to Pipsology!!! Bo! Bo! Bo!

I narrowed my pairs to EUR/USD and USD/DKK (for now).

I’m looking for some feedback on these two set-ups. They’re both rectangle breakouts.

In the EUR/USD I made two orders (one long, one short with the same SL and TP):
size: 0.1 lot
SL: 40 pips
TP: 100 pips
TF: 1D
Risk/reward: 1:2.5

I’m basing my TP on the recent swing of 300 pips, and I’m targeting one-third of that…100 pips. Upon nearing TP, I’ll move my SL.

Second trade: USD/DKK
Size: 0.04 lots
SL: 462 pips
TP: 666 pips
TF: 1D
Risk/reward: 1:1.4

TP here is one-third of the most recent swing (same as the above trade). Two orders with same SL and TP: one long, if the breakout is bullish; and one short order, if the breakout is bearish.

I expect both trades to last about 7-10 days.

Please, let me know what I’m doing wrong, or right.

If my information about the trades is incomplete, please let me know.



I suggest that you keep away from pairs with wide spreads, like the USD/DKK for now.

Looks alright to me. Cant wait for the development


You know what? After I did the math, I started wondering why I picked it.

I did a couple trades with it, and I did alright. It’s not chaotic like the RUB…

But, now, upon taking a second look, I’m like…“I need to pick something else.”

But if you’re saying it, I should probably let it go after this trade.

If you don’t mind me asking, why do you suggest I leave it alone?

I’m feeling like the price moves don’t offer much profit, compared to EUR/USD.

What’s wrong with a wide spread? I may be paying a higher spread, but if there’s a nice set-up…profit is profit, no?

Or you’re saying my time can be better spent on another pair?

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As a swing trader you would trade a wide spread pair very differently than you would a narrow spread pair.

The spread on the DKK can go as high as 300 pips post session. This means that if price goes against you during that time your SL could be taken. This requires you to have very wide stops which increases your risk.

If you can watch the market while in your trade then DKK is good for day trading or scalping. You can then set a wide “catastrophic” stop while your actual stop can be closer to the price action.

Things work smoothly in a demo but when you go live it will likely be a much different experience. The DKK will steal your sleep. :smile:

Edit: I love to watch the price action on the DKK. It moves beautifully. I trade the DKK from time to time but I’m considering dropping it from the list of pairs that I trade. Not worth the hassle IMO.


It has. Bro, not long ago it entered a range. As soon as I decided to short the range (live trading), it didn’t go down, it entered a range within a range! It lasted about a week. I was stressed out.

But, yeah, the spread can get wide. If I’m profiting 5% after paying the spread, hey profit is profit.

However, I got stopped out a few times before I learned to widen my stops. It was a rough learning process!

yes, it has a simple movement and is very tradeable.

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I’m right behind you, on that one. After this trade, I’m about to drop the DKK like a hot potato!


Here’s an idea, trade the majors bro. And use ratio of 3:1 of tp and sl. So for example if your sl is 40, your tp should be 120 pips.

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You trade the DKK? But you’re dropping it?

Anyone else trade the DKK? What do you guys think of the price movement vs the high spread?

Do you guys trade any pair that has a good set-up? That’s what I was doing, and honestly, it was too much for me to keep track of.

I need a better system before I do that again. I used to go through every single pair and look for set ups. But I would take notes in an Excel spreadsheet, forget to follow up on the pair, and miss out on the set ups I selected.

Total mess.

What are everyone else’s method like for choosing what pairs to trade?

Look to trade at most 2 pairs while you’re learning, otherwise you will get overwhelmed. Search the forum for Dennis’ “Currency Strength and Weakness” and bookmark the URLs for the various strength meters. Here are 2 currency strength meters:
Currency Index - Mataf (shared by @frandlost)

@Trendswithbenefits also has some threads on this. Perhaps he will be so kind as to share some URLs with you.

Follow those threads to gain an understanding of how to pick pairs based on strength and weakness and how to trade them.


@dushimes This does not just apply to the SL, but also your pending orders. Often when the spread widens after 5pm these orders can get triggered prematurely. That has happened to me more than once. I’ve taken all exotic pairs off my list because there are plenty more opportunities out there with the other 28.


@Trendswithbenefits has provided some great intell and strategies. Put trendswithbenefits into the search tool above to and you’ll get some valuable info.

Also, @Lang15 has some great vids on youtube. Search for the scruffy trader and it should get you there.



@dushimes, take a look at your 2 charts in your OP. Overall, what do you see? I’m seeing a negative correlation, a mirror image, which means if EURUSD breaks to the upside USDDKK will more than likely break to the downside. Try and pick a couple of pairs that don’t correlate as much positively or negatively.

With swing trading you’ll find that most pairs correlate to some degree, but so far I have found that AUDUSD (Blue line chart) and EURUSD (White line chart) tend to move independently enough from each other that you’re least likely to be double exposed on your trades. You can still see the correlation on the daily chart.

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Yes. The Euro is the anti-USD, often.

But I see your point. It’s just opposite sides of the same trade.

Pairs that move similarly could burn you twice.

Just like the AUD and the NZD. I was thinking twice the profit, but I must keep in mind “twice the risk”.


Definitely pairs with smaller spreads - I’ve learnt the hard way.

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Thanks! I’ll keep that in mind. Once I finish Pipsology again, I have to figure out what I’m trading. Definitely,

What else? I’ll definitely look for small spreads.

Great but I think you shouldn’t limit yourself to only those two pairs. The spread on usddkk is quite wide

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Looking great, man!

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Yeah, I’m getting the message! Haha

Good idea. Maybe sticking to the majors is best for me right now.

But, then again, what if a nice set up is building up in one of the minors? Or is it best to not think about and just let some trades go?

I’d hate to miss out on some really nice trades. Especially if the spread isn’t too bad.