DislikedI think I could hardly disagree more!
If you cannot sustain 300 pip draw down then don't talk money management.
Forex is 90% about SL hunting!!!
Naturally, planned exit is a must but to anounce your aim to your broker in advance, ugh.
For disasters, like net or platform black-out, you should have phone number ready and for normal run, the mental SL is the right solution.
Some years ago, I was also using SLs as a normal practise to place orders. I started to be profitable regularly only after I realized this mistake.Ignored
- Post #191,404
- Quote
- Jan 8, 2010 1:50am Jan 8, 2010 1:50am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- Post #191,406
- Quote
- Jan 8, 2010 1:51am Jan 8, 2010 1:51am
- | Joined Oct 2009 | Status: Member | 1,342 Posts
- Post #191,409
- Quote
- Jan 8, 2010 1:54am Jan 8, 2010 1:54am
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- Post #191,410
- Quote
- Jan 8, 2010 1:55am Jan 8, 2010 1:55am
- | Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
- Post #191,413
- Quote
- Jan 8, 2010 1:57am Jan 8, 2010 1:57am
- | Joined Jan 2010 | Status: Junior Member | 1 Post
- Post #191,415
- Quote
- Jan 8, 2010 1:59am Jan 8, 2010 1:59am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
- Post #191,416
- Quote
- Jan 8, 2010 2:00am Jan 8, 2010 2:00am
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- Post #191,417
- Quote
- Jan 8, 2010 2:01am Jan 8, 2010 2:01am
- | Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
- Post #191,418
- Quote
- Jan 8, 2010 2:01am Jan 8, 2010 2:01am
- | Joined Jan 2008 | Status: Pipaholics make better lovers ;) | 1,002 Posts
- Post #191,419
- Quote
- Jan 8, 2010 2:05am Jan 8, 2010 2:05am
- Joined Dec 2009 | Status: The New Legend™ | 4,843 Posts
Always looking the GREAT, never left GOOD Point...
- Post #191,420
- Quote
- Jan 8, 2010 2:06am Jan 8, 2010 2:06am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers