I've traded with a 10/10 TP/SL with decent success on the M1 charts. Anyone here gone smaller? The 10/10 was on EUR/USD and that's what I imagine most of this thread would be centered around. Prove me wrong.
typically my sl's are around 12 pips on the 5min charts, I don't limit myself on the profit side and take whatever is available be it 10 pips or 200 pips.
typically my sl's are around 12 pips on the 5min charts, I don't limit myself on the profit side and take whatever is available be it 10 pips or 200 pips.
Ignored
Great advice esp for 5 minute traders, I'm on 2 pip renko bars and it suits my phycology. If I don't have a set point in getting out the trade I slip into bad habits taking profit early letting stops get hit at full price.
It's also why I never got on with higher timeframes lol
Gotta find what works for you, though I wouldn't touch any trades under 1:1
Great advice esp for 5 minute traders, I'm on 2 pip renko bars and it suits my phycology. If I don't have a set point in getting out the trade I slip into bad habits taking profit early letting stops get hit at full price.
It's also why I never got on with higher timeframes lol
Gotta find what works for you, though I wouldn't touch any trades under 1:1
Ignored
You just summed up trading in general you have to find what works for you.
The lowest I've gone off 5min charts is a 6 pip SL and 24 pip TP. Usually it is more in the 10 SL range with 20+ TP but whenever I have one of those tight stop situations I know it decreases my win % so I always increase my RR to compensate. Always gives me a better expectancy.
