GBPUSD 100 pips
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Day Trading vs. Swing Trading vs. Position Trading 86 replies
QuoteDislikedPlace your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose.—Bruce Kovner
Dislikedread this quote
Hence you must look around the levels , where you would stop if price reaches that level.
But on h4 , i generally keep a rather large SL , usually 70-75% of my target. So if i m aiming at 100 pips, SL would be 75 pips. But my lot sizes are smaller. So even if i take a the 75 pip loss , i try to recover by taking opposite trades.Ignored
DislikedZamfir, you are great at S&D levels
And thanks for sharing this
"Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose.—Bruce Kovner"
Nice quote
But do you take great concern about your risk to reward ratio? Or as long as the reward is good, then you'll take it? By the way, the GBPUSD you took, your stop is around 1.5520 right? Only at the bottom of the level.
Besides, do you exit half when...Ignored
DislikedZamfir, you are great at S&D levels
And thanks for sharing this
"Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose.—Bruce Kovner"
Nice quote
But do you take great concern about your risk to reward ratio? Or as long as the reward is good, then you'll take it? By the way, the GBPUSD you took, your stop is around 1.5520 right? Only at the bottom of the level.
Besides, do you exit half when the price...Ignored
DislikedZamfir, you are great at S&D levels
And thanks for sharing this
"Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose.—Bruce Kovner"
Nice quote
But do you take great concern about your risk to reward ratio? Or as long as the reward is good, then you'll take it? By the way, the GBPUSD you took, your stop is around 1.5520 right? Only at the bottom of the level.
Besides, do you exit half when the price...Ignored
Dislikedpay attention to this post. We are trading Price action not our account equity. If you are just allowing risk to be decided by your balance it is not trading a plan. Like a lot of things maybe you get away with it,But if others try it could be a massive failure especially on faster charts.
Saw a guy once that used a combined stop loss of 1000 pips if he was in 4 trades and they totaled 1000 pips he would close. He made profit and was happy with it. But his gains were normally in the single digits, so the idea was crazy,
Just be careful....Ignored
DislikedHi all.
my first post but always in the background since i found the thread.
have read everything you guys said.
while reading thru the thread, i saved Ken's posts, charts and answers to everyone.
and as the thread reached 100 pages (if you didnot change the way you view posts), i thought of compiling the saved pages into one pdf file.
this is very handy for me on my ipad (or any other ebook reader you have).
this is basically my reviewer/refresher and i want to share it.
problem is, i cannot upload it here as its almost 60 mb.
i attached the...Ignored
Dislikedpay attention to this post. We are trading Price action not our account equity. If you are just allowing risk to be decided by your balance it is not trading a plan. Like a lot of things maybe you get away with it,But if others try it could be a massive failure especially on faster charts.
Saw a guy once that used a combined stop loss of 1000 pips if he was in 4 trades and they totaled 1000 pips he would close. He made profit and was happy with it. But his gains were normally in the single digits, so the idea was crazy,
Just be careful. KenIgnored
DislikedNote to all.
please DO NOT Trade my managment. I use my own way to managet my trades , but the strategy is same. Do not copy anybody elses method also , as everyone has different goals in forex. understand risk and trade management on top of S/D strategy. But do not mix the R/R as a strategy itself.
The R/R is different for different people. you may not be able to take the same risk i am taking or anyone else.
So please be very careful and follow your own Risk/money management plan.Ignored
Dislikedtrue , but you also can let a margin call be your stop loss. It is in the eye of the beholder. It is a personal choice of course . I just feel we should be choosing stop losses based on where they should be , Not because we can afford more. Just my 2 cents.
You can have 3 entries each with a stop of 15 so a total of 45 if they all fail you could combine all into on large trade and the stop might be 60 or 100 if the 4th entry holds which would you rather make up 45 pips or the 100. That is the main point. Most find in this game that the true winners...Ignored
DislikedAgreed ken. But i trade higher Timeframes and hence i have a keep a larger SL, there is just no way around it. Yes i know that we can look for entries on smaller charts when we are inside a HTF level, but i have not been able to get that right.
It's my mistake that i answered my risk/money management plans and sometimes someone can follow that and lose money. I do not wish this and hence i will not be discussing anything related risk/money management. I shall only post my trades. Hope people can take the best out of it.
if you think that my...Ignored