There is no way you're able to make consistent money doing so with a 15-pip stoploss. The disperse takes half of your profit and your risk is 3 times your own reward.Originally Posted by ;
There is no way you're able to make consistent money doing so with a 15-pip stoploss. The disperse takes half of your profit and your risk is 3 times your own reward.Originally Posted by ;
This is it exactly. The stop needs to be where it's logical not a pair of pips.
If it does not fit my risk level then wait for one that does...
Damn that Hardwork discipline and patients... Scott
Originally Posted by ;
I must be clear. I aim for 5 - 6 pips after the spread is calculated , sorry for the confusion. So far after 18 days my $5,000 demo account is up to $7,169 with an accurancy of 88.5% of my total trades. My reduction trades are larger than my win transactions Since my ratio can be determined by by you, but they're rare enough that it ends up.
Sometimes I will go for a larger gain if the trade remains operating up in my brief windows (I've gone as far as 20 pips), however should I get 5 - 6 pips over the spread worth I have a tendency to jump out and begin scouting my next transaction.
Originally Posted by ;
Man you must be facing your display nonstop, although it is really hard to argue with success. . Truly 1 minute charts? I eyes will fall out... LOL Scott
Originally Posted by ;
Twice I've lost 20%due to this unexpected whilst toying with the concept that stops were unnecessary. Never again. I utilize two stops; a single mental at which if the price reaches a certain degree the trade is no more valid and therefore I bail out. The other person, HARD, which is a tragedy stop when you least expect it, because the unforseen occurs. Believe me, it will happen sooner or later.Originally Posted by ;
Well, in all fairness I frequently lose 10-30% on a failed trade so that doesn't disturb me. I technically have a astrophic cease its called a margin call in loss. What makes it work for me is that a winner drags the wins and 30-100% are a lot more common then the losses. It's not how most people exchange, but I'm okay with that...Originally Posted by ;
I guess it really depends on why your taking the trades you are. If your taking them because of a chart formation or a indior by all means you should use a stop incase the creation doesn't pay off. My reasons for taking trades have really little to do with all the chart so a stoploss is a random guess about how things will play out.
A good part of why this works is since I do not take any random transaction. Until I do if I don't know what's going on I hold off. Risking 50% of my account prevents me from gaming on winners.
The point I was trying to make was that if your not supremely confident at the transaction, you probably shouldn't be taking it. Trading without a stoploss is a testament to how much you really think in your analysis. If you do not believe in it enough or can not accurately determine what your risking, then perhaps you should think about that your analysis needs to be improved. A stoploss at the way that it is deployed by most is simply a crutch for bad analysis.
PS- I say , but I don't actually me you, only anybody in particular that happens to read this...
Agreed. I maximize my stop losses, so I always know what my risk level is based on position dimensions (which depends upon that halt loss)Originally Posted by ;
15M
SL/TP/Trailing stoplost:15/45/20
2H
SL/TP/Trailing stoplost:30/60/40
4H:
SL/TP/Trailing stoplost:50/100/60
Daily chart :
SL/TP/Trailing stoplost:100/open/manual
Well I can only speak to my own conclusions, and also my stops aren't a crutch for bad analysis, or that I do not have confidence in my conclusions, it's a humble realization that nobody is larger than the market, that the market is incorrect, and it will always get you as soon as you become over-confident.Originally Posted by ;
That I wasn't picking anyone as an example brother.Originally Posted by ;
Only attempting to bring an extra perspective...