Hello all,
If you couldn't tell by now I am one of "different" traders that is looking for high success rates systems for low pips per trade. The obvious problem with these systems is that one bad trade can wipe out all the profits earned from many successful trades.
I've been hesitant to institute a stop loss to the system because trading long time frames allows for a lot of movement. My question then is, on a daily chart, what type of stop loss could I institute such that I allow the candle to move to get my pips without getting stopped out? Yet, how close should the stop loss be to prevent major failure of the system considering the high success rates it produces? Is 50 far enough or too close? I'm just looking for suggestions.
Trailing stop losses aren't necessary as I am only looking for 5 pips a trade. Matt
If you couldn't tell by now I am one of "different" traders that is looking for high success rates systems for low pips per trade. The obvious problem with these systems is that one bad trade can wipe out all the profits earned from many successful trades.
I've been hesitant to institute a stop loss to the system because trading long time frames allows for a lot of movement. My question then is, on a daily chart, what type of stop loss could I institute such that I allow the candle to move to get my pips without getting stopped out? Yet, how close should the stop loss be to prevent major failure of the system considering the high success rates it produces? Is 50 far enough or too close? I'm just looking for suggestions.
Trailing stop losses aren't necessary as I am only looking for 5 pips a trade. Matt
