Yea, that’s pretty crazy run of winning trades! Congrats!
Do you have a daily target?
Thanks.
Like I have repeatedly said I tend to think and do things a lot different from the regular Joe. As a result of that my daily target is…zero losses.
One of these days when I come back from off the road after drinking up some J Wray & Nephew 63% overproof white rum I’ll be in a generous enough mood to give a few insights as to what it is I am doing here.
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Haha, I’ll be around! I’ve had a couple rum and cokes in my time. Haven’t heard of that brand before.
Use stop loss or backup trade entry policy when you see your opened trade is falling down from the purchased point.
Stop loss will save your profit so try to use it but don’t avoid using it.
No stop loss, no gain. So, try to focus on expanding your profit through properly using tp and sl.
And ideas on this backup trade entry?
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Use stop loss to guard your trades from being loss. Use stop loss at at least 20 to 30 pips away from your opening position.
What time frame are you trading? On a daily strategy, that 20 or 30 pip SL would get stopped out real quick.
How do you set you SL and TP?
Close your trade when you see the trade is going astray and skip trading during market volatility because volatility is a threat.
Just close it? How fast? What if I’m not watching the charts?
you can use a bot which close all open positions when atr will be higher than certain lvl, but this action will have impact on your backtest and future results
Oh that’s cool. Do I have to run that on MT4 or a server?
MT4 terminal have to be turn on and internet connection all the time. You can do it on vps or laptop at home.
Oh nice. I need to learn some MT4/MT5.
you dont need to learn how to code the EA though, there’s lots of EA programmers out there, I use the ones on Fiverr
1.get to bigger time frame instead of what you usually trade
2.any over buy/over sell indicator .
3.closed
concept behind=recent high/low is obvious the best choice for a floating loss trade.
Set the stop loss right 50 pips away from the purchasing point. Sometimes the stop loss point is even stretched far away given the market condition.
Yea my SL on a 5 min scalping strategy is tough to set. It’s like “they” know where my stop is set and then a giant wick kills my trade and only then does the market move in the direction I planned for.
So I got into a bad habit of placing trades with no SL. Bad bad, I know. And 50 pips is just too wide for this. But I get what you’re saying.