DislikedMM is also hugely important but, the correct MM strategy, depends COMPLETELY on your own particular targets and trading abilities.Ignored
That is in fact my weaker point... I'm terrible at deciding to close a trade when I see it going the other way... and I also protect my trade by moving SL to breakeven, sometimes too soon...
My particular solutions to that were:
- I use 3 orders to enter and a script to place the orders (for faster execution);
- I scale (manually) the different TPs according to expected areas of S/R, and generally aiming for small profits between 10 to 40 pips;
- I use a managing EA to move SL to BE+1, once I'm 10 to 12 pips into profit (depending on the pair);
- I use the same EA to put a SL immediately after entering the trade, at a distance of 15 to 20 pips (depending again on the pair);
- If I'm in a positive trade when important news come out, I add a tight TS and let it roll until it closes.
This was my way to remove emotions at managing the trades... I'm fairly good at picking entry points, but I suck at managing