Hopefully someone can help me out here. I am having a rough time managing my money at the moment. The good thing is that I am waiting for the proper set ups and I am buying in the right direction. My problem is that I cannot seem to determine the right stoploss regimen.
I like to trade on the 1h and 4h charts. I check the daily chart for the trend and try to buy in that direction. When I place an order, I usually create a stop loss of about 30-45 pips depending on the last level of support/resistance or an MA cross. Since MT4's stop loss only kicks in when you have a profit, I manually move up my stop 30-35 pips below the latest price so that I can try and lock in profit. I use a trailing stop of about 35 pips but when the market retraces, it seems to take me out and I lose my profit.
Right now I think my entries are going very well. I have improved on this. However, I do not yet have a proper exit strategy other than a trailing stop loss. Is this the correct way to go about things? Relying on a trailing stop to lock in your profit? Can someone please help me with this as I think I am losing my mind lol. I can seem to enter properly now...but I am losing all my profits.
take care.
I like to trade on the 1h and 4h charts. I check the daily chart for the trend and try to buy in that direction. When I place an order, I usually create a stop loss of about 30-45 pips depending on the last level of support/resistance or an MA cross. Since MT4's stop loss only kicks in when you have a profit, I manually move up my stop 30-35 pips below the latest price so that I can try and lock in profit. I use a trailing stop of about 35 pips but when the market retraces, it seems to take me out and I lose my profit.
Right now I think my entries are going very well. I have improved on this. However, I do not yet have a proper exit strategy other than a trailing stop loss. Is this the correct way to go about things? Relying on a trailing stop to lock in your profit? Can someone please help me with this as I think I am losing my mind lol. I can seem to enter properly now...but I am losing all my profits.
take care.