great to see you are doing well. I would like some enlightenment from your side, if you have the time, to answer my queries.
the entry is taken from which time frame?
the stoploss is at the previous higher low? as would have seen from the chart, the price went lower than entry point somewhere between the 24/7 and 2/8. What made you stick to the trade? if you had moved to break even, then it was a scratch trade.
what made you exit the position at that price point, as the previous candle was a bullish engulfing? this is assuming the trade is managed in 4-hour chart.
Your analysis would provide much help in the psychological aspect since most traders would have moved the stop to breakeven and made a scratch trade.
Stoploss is a really important part of the trading. When I place my SL in any price I am ready to take that loss for the trade, I donât move my SL to BE or book some profit until market structure changed or there is a visible difference on the chart or price reaching to monthly/ yearly high or low.
I have 100s of trade which I moved my SL to BE and eventually market took me out of the trade and moved according to my predicted direction.
If my SL hit then I take the loss and wait for the next trade, but if the price put me in loss but not hit my SL then I donât do anything about it.
If you look at the monthly TF you will see price was reaching to resistance from where price moved down previously around 5500 pips or more. I was expecting some bounce back from that area so I moved my SL to book some profit and let the market to decide which way it will go, as I predicted price moved down around 400 pips. It is not always pleasent to see + pips becomes -pips.
We need to be confident Psychologically and technically and follow our plan before we open a position. After we place a trade we just follow our plan and let the market to decide.
Hello everybody, hope you are doing well on your trading.
Just want to update the trade on GBP / AUD, trade closed with 500 pips.
Price went almost 150 pips against me but I did not move my SL or close the trade early. We need to have an edge on the market and we need to follow the plan until position closed.
I totally agree with getting the trend bias correct on the daily - having a perspective of where price is and time is so important. That along with proper money management. In my opinion is king.
I didnt trade for some time but I just opened a new demo account on FXCM. Are you still trading on that platform? It looks a bit different then MT4 Maybe a will go life on it but need to understand it first
Iâm FXCMâs representative here on BabyPips. If you ever have questions about our Trading Station platform, please feel free to reach out to me in the Broker Aid Station.
You mentioned MT4, so you may be interested to know that FXCM allows traders to access both MT4 and Trading Station from a single account login. That way you donât have to choose between those platforms.
My first trade on this platform is going well so far SL and TP have different names and position size is in K and not Lots Have to find a way to calculate this Any tips??
Thanks for your replay I saw that there are several platforms to trade from on FXCM I like to trade from MT4 but mobile trading from it on android wasnât a big success Sharebazar did some fantastic trades from his mobile (his computer was broken I believe) But not only that he also did analyzing the markets on the small screen. That made me curious and the fact that he is positive about it. Trading is basically the same only have to find the buttons Do I understand that there is a spread to be paid and a commission? Does that make it expensive?
I am in Bangladesh now for Holiday, did not get enough time to look at the market but as you know trader never get holiday from the market, so I opened the chart today, GU looks good for me to go short, just saw price take out the stops and dropping down.
1.550 - 1.540 is good place for short, SL can be 80-100 pips and TP can be 150-200 pips. Letâs see what we can get out of this trade.
