I've blown 10% of my equity on my first day of real account trading when I tried this approach for the first time two months ago. But I've grown up since, and I now know the risks involved with this strategy. However, I'm trying different ways on demo to come up with a better something. But I'm confused with bid/ask, so I hope you can help me out a little.
Question 1: SL and TP
Which is a better idea?
(a) 10 pips SL and 20 pips TP
(b) 20 pips SL and 40 pips TP
(c) 20 pips SL and 20 pips TP
Question 2: Pending Order
Let's say I wanna trade EURUSD at 1.2450 considering 1(a) and 2 pips spread.
Sell Limit: 1.2450, SL: 1.2460, TP: 1.2430
What should be my second pending order so when one closes, the other opens at the same time.
e.g. Sell Limit: 1.2460, SL: 1.2470, TP: 1.2440
How do I insert spread into this? Should I sell at 1.2458? What about SL and TP? I mean I'm confused about when to go with ask price and when with bid price.
If I could make you understand what I'm confused about... could you please explain?
Question 3: Cancellation
If I trade on MT4, is it possible that when one TP is reached, the remaining pending orders are canceled?
Thank you
Question 1: SL and TP
Which is a better idea?
(a) 10 pips SL and 20 pips TP
(b) 20 pips SL and 40 pips TP
(c) 20 pips SL and 20 pips TP
Question 2: Pending Order
Let's say I wanna trade EURUSD at 1.2450 considering 1(a) and 2 pips spread.
Sell Limit: 1.2450, SL: 1.2460, TP: 1.2430
What should be my second pending order so when one closes, the other opens at the same time.
e.g. Sell Limit: 1.2460, SL: 1.2470, TP: 1.2440
How do I insert spread into this? Should I sell at 1.2458? What about SL and TP? I mean I'm confused about when to go with ask price and when with bid price.
If I could make you understand what I'm confused about... could you please explain?
Question 3: Cancellation
If I trade on MT4, is it possible that when one TP is reached, the remaining pending orders are canceled?
Thank you