Agreed. Good entries stretch a traders wins tremendously.
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A warning to would be Forex traders
- Thread starter Joab
- Start date
Agreed. Good entries stretch a traders wins tremendously.
"Loose stops" is pretty vague. I always have a very specific technical point at which I would no longer want to be in a trade. If the market takes out my stop consistently that would just mean that I was not clear about why I was entering the trade and why I would want to get out. It would also mean that my entry signal is not reliable.
I guess if you just get in for the heck of it when you think the market is going one way you would need not only loose stops but you would lose most of the time anyway.
But if you kow how to identify an entry signal that works you can participate in the best moves with good risk to reward ratio and your stops will be at a specific point for a specific reason. Of couse, since most people trade on the extreme short time frame what they see is the chaos where almost all strategies are fairly unreliable and the market is fairly unpredictable.
I guess if you just get in for the heck of it when you think the market is going one way you would need not only loose stops but you would lose most of the time anyway.
But if you kow how to identify an entry signal that works you can participate in the best moves with good risk to reward ratio and your stops will be at a specific point for a specific reason. Of couse, since most people trade on the extreme short time frame what they see is the chaos where almost all strategies are fairly unreliable and the market is fairly unpredictable.
Anyone have any thoughts on the argument that TA does not work as well in FOREX because it is open 24 hours a day? (I personally don't believe this, but I was curious what everyone thought)