Right. What’s your account balance like? Any other trades? How are you managing risk?
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Suppose it depends on your risk to stop loss.
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mine are identical to those of averied, just above
with a 20-pip stop-loss, i’d need $10k in the account
with a 10-pip stop-loss, which i sometimes use, i’d need only $5k, for the same risk % at $5 per pip
(that’s if i risked 1% per trade, of course, as averied specified)
account size??? what do you mean??
do I have to set at 0.1???
Deposited $200 .
yes just one trade on BTC
Yeah I know that.
Thanks pauley?
do you have open trades on EURUSD???
Yeah he said what it was needed to mention and care.
I guess I should set sl on 5pips for $200
Nope, I’m follow the trend and at the moment the trend signal on the D1 is different to the H1 and M15 so placing a trade now would be too risky for me.
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$200 you should trade 0.02 max
i respectfully disagree
i think with $200 he should trade 0.01 max
in fact, to be honest, i think he should probably have at least $250 to trade 0.01 lots safely and sensibly
the point is that you should determine your stop-loss size from the chart, from price action, and then determine your position-size according to the stop-loss size
TradingConnector would help you set up your alerts and auto execute your trade on MetaTrader and you wouldn’t have to miss.
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I wish you best luck on your future trades.
by 0.02 you mean lot??
on what pair?
I will do it now.
to see what will goes along.
and let you know further.
You make a valid point, exactly this will help me to tp access the chart and price action examine the appropriate st level. am I right?
The decision of what lot size to choose , it heavily depends on your strategy and your risk management.
may I ask what is you main risk management strategy?
i think so, yes
i mean: it’s all opinion, and different people will always have different opinions! i don’t know if it will suit you, and i don’t know if it will fit well with how you trade, but what i do myself is to put the stop-loss a couple of pips beyond the last swing low or high (depending on whether it’s a long or short trade, of course), and then work out my position-size after seeing how far it is from the entry to the stop-loss, so that the percentage i’m risking always stays about the same
we were just discussing it in another thead - i said a bit more about it here and here, if it helps …
As long as your account size can hold. This question is very subjective to different people, accounts sizes , trading styles and possibly leverage.