My name is Phil and I’m fairly new to the trading scene. Started this sept and growing at a fairly decent rate (I’m not stupid - still using a demo account )
MY confusion lies with where to put stop loss and take profits based on what chart you are on.
Logically wouldn’t the SL and TP be larger on a day chart vs an hour chart? What’s an acceptable pip value for each type of chart? I’ve been stopped out by keeping my SL tight just to find out it was going up on a day chart and if I held that position, i would have been in the positive.
I do know it depends on a ton of factors but as an example what would you roughly do?