Dislikedthanks for that fx.
nice write up. i know i have should hav gotten out of that fcr at be or with a small loss, as it didnt go anywhere for 20 minutes, no speed or rythm.Ignored
So yes, the fact it didn't move for a while was the first clue. At least I should have exited on the big reversal bar. Instead I got out quite a bit lower.
I've been studying my charts and I've decided I'm going to start cutting my losses quicker. I initially started doing this when I was starting this thread but then the idea of having a loose stop to catch a runner was appealing. I'm now reading an excellent book by Al Brooks and he says every trade starts with a scalp and then if you think it's right you swing it. I think this is good advice. If you're in scalp mode and it goes against you then you will exit right away and wait for a better entry. And if it goes in your favor then you can easily say you're going to let it run.
However if I am thinking of that 50 pip runner from the beginning then I'm much more likely to give it room and end up with a 25 pip loss.
I hope that makes sense and doesn't go against the consensus here. I'm still learning all this but that's my take. I was actually profitable from the beginning when I was at the 21/20 stage. Then when I started being more aggressive giving it room and looking for runners I started having loosing days. So I think a mix of the two could work best. Count on a scalp and keep your losers small but let it run if the market looks like it will continue..