[QUOTE=“BagzPips;689729”] I am not so sure about how to approach and initial stop that would be dynamic mastergunner99. Sounds like a risky road. How would you suggest I do this? Trailing stop maybe?[/QUOTE]
Each swing derives a different pip amount. Never are they the same. When you place your stop loss, I imagine it to be beyond the swing itself, correct?
An example of a dynamic approach might be to take a stop loss that’s rounded up or down to the next .1 or .5 price point thus fluctuating the stop loss to an extent to adapt to the immediate market.
That’s only part of it though. The other half being a more defined entry. If you had to pick a limit order, where would you define it?
Thanks for your tips and suggestions mastergunner99! I will take some of this information and apply to my trading going forward.
So…I died a very quick but painful death after, doubting and changing my trade plans. It was truly heartbreaking to see all the original trades play out positively well. I however learnt a number of things which I will apply to my next project. First of all I must reduce my exposure. I will seek to do so my reducing the number of pairs traded and the number of trades I take, as well as tightening up on my entries.
I will begin part II of this journal @ My Green Trades II