-15 on EUR/USD trade and +10 on USD/CHF trade...still smartin from the -58 aud$ pip loss on the EUR/AUD trade from yesterday...ouch!
EUR/USD & GBP/USD & AUD/USD Forex Trading
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thanks...what do you use or suggest to use...For Example: want 20 pip gain and set ??? pip stop?
want 40 pip gain and set ??? pip stop etc...thanks in advance
It will vary, depending on YOUR money management strategy. Some go for stops outside range, some are ready to lose small but multiple times. What matters most is where you see price heading to. If you see a 100 pip travel, then you can lose 9-10 times and come out break even providing your stop is 10 times less your estimated target. For example you look at a Weekly chart, you see a trend, you see price hitting a rising trend line, you see price oscillates 500 pips on average after bouncing of that trend line, you also see that there is an average range of 100 pips before price actually bounces. You have some choices. You can either have a 100+ pip stop or have say 10 x 10 pip stops when price starts breaking through resistance. It is irrelevant as a lot here depends on luck. But what is important is that you have established first of all where price is likely to head to. Now you need to catch that wave & be ready to lose. Don't lose more than 1-2% of total capital on any one trade
this is awesome insight...thanks...really appreciate it and will take to practice!Quote from JSSPMK:
It will vary, depending on YOUR money management strategy. Some go for stops outside range, some are ready to lose small but multiple times. What matters most is where you see price heading to. If you see a 100 pip travel, then you can lose 9-10 times and come out break even providing your stop is 10 times less your estimated target. For example you look at a Weekly chart, you see a trend, you see price hitting a rising trend line, you see price oscillates 500 pips on average after bouncing of that trend line, you also see that there is an average range of 100 pips before price actually bounces. You have some choices. You can either have a 100+ pip stop or have say 10 x 10 pip stops when price starts breaking through resistance. It is irrelevant as a lot here depends on luck. But what is important is that you have established first of all where price is likely to head to. Now you need to catch that wave & be ready to lose. Don't lose more than 1-2% of total capital on any one trade
Not strictly true but it's not going to make a lot of difference to incnow either way!
Quote from cabletrader:
Not strictly true but it's not going to make a lot of difference to incnow either way!
Nothing is strictly true because everything is a personal matter, but it is a fact pretty much that many fail because they don't have a correct exit methodology. They see green & close, know what I mean?
I am trying to hunt down EUR at the moment, expected reward seems to be around 1000 pips, so I am willing to risk being stopped a few times in light of a substantial reward.
I'd say more a statistical matter than a personal one, either the numbers stack up or they don't, but I agree about exit strategy, most are so pleased when a trade actually goes their way they close it quick and celebrate!
How long do you expect that trade will take to play out, roughly?