1st: Could anyone pls give a simple explanation of how many pips you trail form your stoploss point - and still make a good profit? I understand on paper how the trailing stop works; my issue is, how can I set it up so as not to get stopped out before making some money? I would at least like to have a 10 - 20 pip profit after the release of major news. I live on the east coast and the market normally starts to really move around 3:00 am. So what I'd like to be able to do is get up, set a limit, stoploss and trailing stop, and then go back to bed for a few hours. But since I'm just starting out, (about 2 months) I've been missing a lot of rest because all I do is watch the market to know when to enter and when to exit. I hardly walk away - and i'm beginning to suffer from headaches and nervousness from lack of sleep. I know there's more freedom to trading forex than what I'm experiencing at the moment.
2nd question: I saw a post mentioning the use of "reversal signals". Could anyone tell me of a reliable reversal signal and how you set it up on a 15 min chart?
I appreciate all responses very much!!
2nd question: I saw a post mentioning the use of "reversal signals". Could anyone tell me of a reliable reversal signal and how you set it up on a 15 min chart?
I appreciate all responses very much!!