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How many pips stop do you use?
- Thread starter uninvited_guest
- Start date
Quote from ozzy:
I trade fx futures.
Mind you I don't blink when I trade fx and I will try to get out ASAP if its not going my way right away. Stop's are just there for the worst case scenario, I'm usually out before they hit.
ozzy
Hi ozzy,
I like this Rules !! It´s the perfect Way to success.
Peter
Quote from ozzy:
Giving up 100 pips is ridiculous in my opinion.
P.S i know this is dependent on style and depth of pocket. But, I would personally have a hearth attack if I lost 100 pips.
If you're playing for an intermediate or long-term reversal, sometimes you need to have 100+ pips stops to stay in the trade, depending on how closely you can or want to monitor the position -- micromanaging longer term positions usually gets me into more trouble than it's worth.
Generally I try to get the best initial entry that I can, and have relatively tight stops. However, once the position goes my way, I don't mind giving open profits alot of room to breathe until the idea plays out.
I agree, everyone has their own style and tolerance. Personally I try to hit every leg. All that matters is that you make money in the end, how you reach your goal is not as important.
But I still have to say giving up 100 points would kill me (emotionally) , I'm viciously competitive when it comes to fx.
ozzy
But I still have to say giving up 100 points would kill me (emotionally) , I'm viciously competitive when it comes to fx.
ozzy
Quote from illiquid:
If you're playing for an intermediate or long-term reversal, sometimes you need to have 100+ pips stops to stay in the trade, depending on how closely you can or want to monitor the position -- micromanaging longer term positions usually gets me into more trouble than it's worth.
Generally I try to get the best initial entry that I can, and have relatively tight stops. However, once the position goes my way, I don't mind giving open profits alot of room to breathe until the idea plays out.
If i'm at support/resistance: 5 pips stop whatever the time-frame is.
Quick-buck: 5 pip stop
Short-swing: 15 pip stop
Half-day trade: 30 pip
Few days: 50 pips
Intra week trade: 100 pips
Long term: 300-500 pips.
Quick-buck: 5 pip stop
Short-swing: 15 pip stop
Half-day trade: 30 pip
Few days: 50 pips
Intra week trade: 100 pips
Long term: 300-500 pips.
Quote from ozzy:
Giving up 100 pips is ridiculous in my opinion.
During the EUR 1220pip plunge of the last few months there has been a few bounces of well over 100pips. Since this is the trend I might change my current 50pip stop on an open EUR/USD (1.2216) short trade to 200pips.
My leverage is 200:1 on a 10K order ($50.00) so this would change my maximum loss from $50.00 to $200.00 (400% potential loss, unlimited gain). I have a few hours to think about this.