Hi,
I have already spent a lot of time revising money management and trade entry. The challenge now is trade managamenet.
When determining when to enter, I have been looking at the trend, support and resistance. I have set my first stop loss slightly below the previous pivot or support line. This has worked well in capturing and entering trending positions.
When must I adjust my stop loss (if at all)?
And what rules apply?
How do you avoid being stopped out by pull back?
I have read some approaches where as soon as the trend resumes, the stop loss is moved to "break even point" or "new higher low".
What happens if the position beings to consolidate (go sideways)? Do you not move your initial stop loss?
Does money management come into any of these decsions? If I was willing to risk $500 per trade. Once the positions gains postive momentum do I now risk less $$ to lock in profits or reduce losses?
I am only looking at daily and weekly charts.
I have already spent a lot of time revising money management and trade entry. The challenge now is trade managamenet.
When determining when to enter, I have been looking at the trend, support and resistance. I have set my first stop loss slightly below the previous pivot or support line. This has worked well in capturing and entering trending positions.
When must I adjust my stop loss (if at all)?
And what rules apply?
How do you avoid being stopped out by pull back?
I have read some approaches where as soon as the trend resumes, the stop loss is moved to "break even point" or "new higher low".
What happens if the position beings to consolidate (go sideways)? Do you not move your initial stop loss?
Does money management come into any of these decsions? If I was willing to risk $500 per trade. Once the positions gains postive momentum do I now risk less $$ to lock in profits or reduce losses?
I am only looking at daily and weekly charts.