Ever cought yourself counter trading? How do you deal with it?
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Hi FB5OO,
What do you mean by counter trading? My stops are usually 5-12 pips. After 2 losing trades I just stop trading until the picture gets clearer.
The result of a trade depends on the position management rather than the set up we use for entry. This fact is difficult to be understood for most of the traders and that is why they lose money. In this example you can see how I use my STE set up for scalping. Today the market was going nowhere and tha is why I prefered to take small profits with very little risk. This position was with 4 pips initial stop and was closed for 5 pips profit after 3 minutes. {image}
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Success depends on how small your lot size is there.
Algorithms do that better than humans.
{quote} "Hedging" of losing positions is absolutely wrong strategy. Use stops and limits. Plain and simple.
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I don't use stops, there's no need for stops playing the low-risk end of the forex when I trade on a daily basis.
The position wasn't losing more than the spread when the hedge was made.
{quote} I don't use stops, there's no need for stops playing the low-risk end of the forex when I trade on a daily basis. The position wasn't losing more than the spread when the hedge was made.
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You'd better learn to use stops. However, the choice is yours eventually.
