My current H4 candle will close in about 30mins.
I see only potential H4 setups - NZDUSD in my watchlist pairs.
other pairs which I do not trade : NZDCAD and AUDNZD.
If you trade like Big E's style and risk 15% to 30% of his $10k account deposit, and with single entry trade, you should follow his exit style when the market pull back 10 to 15 pips against his single entry trade.
This is to protect his account from severe damage when you trade with 3 to 5 standard lots in one single entry.
Cut your losses fast because there is no such thing as trade recovery when you trade with single entry single exit.
Look for other trade opportunity and try recover from that one single entry loss.
Recovery trade is only when I trade a basket of trades and when I have one losing basket of 5 trades, I will look for another trade to recover my losses in the shortest time possible. Keep my drawdown low as possible, i.e. below 10% or else recovery from drawdown is very difficult to achieve. Keep my drawdown period as short as possible. I have not share what my recovery trading method in this thread so do not jump to any conclusion.
Good trading folks.
I see only potential H4 setups - NZDUSD in my watchlist pairs.
other pairs which I do not trade : NZDCAD and AUDNZD.
If you trade like Big E's style and risk 15% to 30% of his $10k account deposit, and with single entry trade, you should follow his exit style when the market pull back 10 to 15 pips against his single entry trade.
This is to protect his account from severe damage when you trade with 3 to 5 standard lots in one single entry.
Cut your losses fast because there is no such thing as trade recovery when you trade with single entry single exit.
Look for other trade opportunity and try recover from that one single entry loss.
Recovery trade is only when I trade a basket of trades and when I have one losing basket of 5 trades, I will look for another trade to recover my losses in the shortest time possible. Keep my drawdown low as possible, i.e. below 10% or else recovery from drawdown is very difficult to achieve. Keep my drawdown period as short as possible. I have not share what my recovery trading method in this thread so do not jump to any conclusion.
Good trading folks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett