I got my strategy, it works most of the time. But i can't seem to get the TP/SL thing right. Some help from the pros would be appreciated
I usually use TP/SL on a 1:1 ratio (+20/-20 pips) for no particular reason as i have to put something (not having SL is not an option, i learned my lesson) and it was something, basically flying blind here.
Before i varied the amount of pips between trades and i considered that incredible stupid, one bad trade and i was done, so now it's the same for all.
I hardly ever close before SL hit, only when i see it's really going bad. So most of the losers go to SL. That's done.
Now the TP, today i lost money overall, too many SL and to on top of that i closed the winners before the TP, and they would have made more then what i closed for, but you never know right, it seemed like nice profits.
Now is 1:1 a good idea, or should 1:2 be better? in theory i only had to get one right to cover 2 losers.
And the amount, 20 pips? many times i get kicked out only to see it reverse a bit later, should i insted go for a the close value of x candles behing the entry? A bigger pips interval? But then i came full circle and i have trades with different risks and all it takes is one bad trade to destroy a day.
thanks for any help
I usually use TP/SL on a 1:1 ratio (+20/-20 pips) for no particular reason as i have to put something (not having SL is not an option, i learned my lesson) and it was something, basically flying blind here.
Before i varied the amount of pips between trades and i considered that incredible stupid, one bad trade and i was done, so now it's the same for all.
I hardly ever close before SL hit, only when i see it's really going bad. So most of the losers go to SL. That's done.
Now the TP, today i lost money overall, too many SL and to on top of that i closed the winners before the TP, and they would have made more then what i closed for, but you never know right, it seemed like nice profits.
Now is 1:1 a good idea, or should 1:2 be better? in theory i only had to get one right to cover 2 losers.
And the amount, 20 pips? many times i get kicked out only to see it reverse a bit later, should i insted go for a the close value of x candles behing the entry? A bigger pips interval? But then i came full circle and i have trades with different risks and all it takes is one bad trade to destroy a day.
thanks for any help