Disliked{quote} brother i started the scalping from 1.39385 with 4 sell trades of gbp-usd. And 4 trades i took from 1.40479 position. I did big mistakes, size was 0.20, my equity now 2700&$, now trading moving on 1.41800. Please tell me brother what i do? But i have equity just for last position 1.42400$.Ignored
umerjabbar
This chart represent trades you've taken.
Those are your numbers. I just manifest it on chart.
First of all , I notice you don't use stop loss.
No sane professional trader (or experienced amateur) would risk 10% equity per trade!! The generally accepted level of risk is 1 to 2% per entry, and no more than 5% in the market at one time. The amount you trade if too much bigger than your account can handle.
When you decided to enter the trade, please determine how much to risk (position sizing), when to buy or sell (signals), stops, and planned exits.
I've put notes in chart (blue) on where you should put SL when entering the trade.
NOW,
back to your question. You have three option :-
a) place you SL at the TOP RIGHT of current candle (blue arrow). That will either kill your trade or if you're lucky, it will move down, then just trail the SL behind the high of H1 candle.
b) Closed all trade, start new and fresh trade,
c) Just ignore all this and let price takes you wherever it wishes.
FIRST of all you must have to use a hard stop.
Mental stop would not work. Sometimes market will blast through without giving you any clue.
There is certain time your mind will play trick with the losing trades. its lot easier to get married (holding on to losing trades) to a losing position.
If you think trading without the stop that will be one of your biggest mistake. Especially newbie like me.
Unless you are a very skillful trader, your long-term odds of winning are no better than 50% (that high only if you can control greed and fear). Therefore, be discipline trader.
A successful trader obviously main his risk when trading practically. Devoid of risk management we will not be able to keep our capital free from danger. So, this is an inevitable part of successful trading. We should trade by keeping balanced lot size with our capital; it is actually called risk management.
It seems that many participants in the discussion were enamored with the apparent simplicity of the system and the very attractive hoped for result; that was merely the first of the twins of doom--greed and fear. Too many professional in this thread, only one or two newbie ( i'm one of those newbie).
Moving forwards with trades ;-
1. Bet small, i.e. position size so that the loss at the stop is a very small % of account equity
2. Never get into a situation where you are risking the account on a trade, i.e. keep losses small, respect the stop 100%.
You can put whatever numbers you are comfortable with into these rules as long as you follow them.
Note you cannot position size unless you have a stop; without one you cannot determine your maximum loss
Good luck and all the best.
Sang Real
1