Disliked{quote} I would have but got turned up side down. Two months later I was able to get out without too much damage. I could have made some serious coin if I stayed in but when stuck in a currency pair for that long, I'm no longer a trader but a nailbiter. Since I'm doing micro pips when my first position is at a $10 loss, I get out and replace in a better position but realizing I have to make that $10 up again before I see green. My GU position is a good example. It's not at the bottom if I compare to the July 2018 PA. If you see how I trade you will...Ignored
Next, if an initial trade goes against you and you quickly cut your loss short, that's generally a good thing. But if your entry criteria still shows an entry and you immediately re-enter the trade, you are in danger of being whipsawed. Generally, the way to avoid the whipsaws is you stay in the trade until your entry criteria is invalidated. That not only avoids most whipsaws, but it allows you to stay in the trend longer, possibly making more pips. You can find your personal "sweet spot" by extensive backtesting and by keeping track of what would have happened in live trading. If you find that over a long period of live trading you are missing more moves of the trend in your direction than you are saving in losses with your exit criteria, then you might need to re-examine your exit criteria. I'm looking at the trend, and it only changed on the very short time frames, the 1M, 5M and 15M. The longer timeframe trends from 30M and above still seem to be down. Since you are trading primarily daily charts (good for you!), you have to expect many small retracements in the course of a trade. If normal volatility is knocking you out of what is otherwise a good trade, then you may need to make more allowance for it. You can judge normal volatility for that pair in this market condition by checking ATR or checking this site, https://www.investing.com/tools/fore...ity-calculator
Finally, I always say, entries are the easy part. One could flip a coin and get it right almost half the time. Exits are the hard part. I think if you study your exit criteria carefully and work very hard on improving it pip by pip, you'll do well in this business. Of course, that's just my own humble opinion. Best success in your trading. - G