Hello everyone!
I have been wrestling with my demo accounts for a few months trying to shape myself up into a profitable trader. I trade the intraday, aiming for short, quick moves between 10 to 20 pips per shot, nothing more. Basically, I wait for a bounce to happen (according to a criteria, of course) and ride the move for a handful of pips while the bounce still has momentum. I trade off the 30 and 5 mins charts.
I have noticed a particular phenomenoum over and over: those trades that end up being successful, are so within 15 to 20 minutes top, meaning I enter the market and within 15 to 20 mins I have banged my 15'ish pips and Im out. I rarely ever go deeper into red numbers than 10 pips at most before price heads back my direction - the price bounces off my marked areas, I pull the trigger, and shortly after I score my target.
Conversly, those trades that end up failing and thus hitting my stop loss, tend to idle around for far longer; the price doesnt quite behave as I had forseen, price enters a range-bound area and little by little it heads south towards the stop loss.
To wrap it up, according my experience over my particular trading style, if price dips into negative numbers at all or takes more than 20 mins to score my profit target, I usually account in a loss.
So, this is my question: given the above mentioned circunstances, how should I modify my stop loss policy? I mean, like I said, I usually know within 15 mins if the trade is a winner or a losser because by then I usually should have hit my target profit already without hardly going into negative. Should I then perhaps go for very tight stops? perhaps automaticaly close the trade after 20 minutes no matter the outcome?
Any feedback apreciated!
I have been wrestling with my demo accounts for a few months trying to shape myself up into a profitable trader. I trade the intraday, aiming for short, quick moves between 10 to 20 pips per shot, nothing more. Basically, I wait for a bounce to happen (according to a criteria, of course) and ride the move for a handful of pips while the bounce still has momentum. I trade off the 30 and 5 mins charts.
I have noticed a particular phenomenoum over and over: those trades that end up being successful, are so within 15 to 20 minutes top, meaning I enter the market and within 15 to 20 mins I have banged my 15'ish pips and Im out. I rarely ever go deeper into red numbers than 10 pips at most before price heads back my direction - the price bounces off my marked areas, I pull the trigger, and shortly after I score my target.
Conversly, those trades that end up failing and thus hitting my stop loss, tend to idle around for far longer; the price doesnt quite behave as I had forseen, price enters a range-bound area and little by little it heads south towards the stop loss.
To wrap it up, according my experience over my particular trading style, if price dips into negative numbers at all or takes more than 20 mins to score my profit target, I usually account in a loss.
So, this is my question: given the above mentioned circunstances, how should I modify my stop loss policy? I mean, like I said, I usually know within 15 mins if the trade is a winner or a losser because by then I usually should have hit my target profit already without hardly going into negative. Should I then perhaps go for very tight stops? perhaps automaticaly close the trade after 20 minutes no matter the outcome?
Any feedback apreciated!