Hey traders,
Does anyone have an idea how to quickly determine the SL and the according lot size when scalping the 1M chart without missing the move? When a setup appears, I must measure the SL and then I enter it into my trade management tool that automatically calculates the lot size for me according to the % risk of my account balance.
However, things often go quick and while I measure the SL, price tends to be 1-3 pips in profit already which is a lot for scalping - I am basically late to the party sometimes.
I also thought about trading with fixed lot size but sometimes my SL is 3 pips, sometimes 6, etc. so that could truly make a big difference in risk. Perhaps there is a script or anything else that could put the SL above/below the entry candle?
Thanking you in advance.
Does anyone have an idea how to quickly determine the SL and the according lot size when scalping the 1M chart without missing the move? When a setup appears, I must measure the SL and then I enter it into my trade management tool that automatically calculates the lot size for me according to the % risk of my account balance.
However, things often go quick and while I measure the SL, price tends to be 1-3 pips in profit already which is a lot for scalping - I am basically late to the party sometimes.
I also thought about trading with fixed lot size but sometimes my SL is 3 pips, sometimes 6, etc. so that could truly make a big difference in risk. Perhaps there is a script or anything else that could put the SL above/below the entry candle?
Thanking you in advance.