WHY? Because I believe that it will bring discipline to my trading.
1. Do not move SL below/above the original position.
2. Do not ovetrade (allow max loss per session).
3. Open only the trade which you feel 100% comfortable with.
4. Open only 1 trade at a time. After moving SL to BE+1 you can open another trade.
EUR/USD, SL=5/10pips, TP=5-50pips, 5m candle chart.
Low volaltility expected: SL=5pips.
High volatility expected: SL=10pips with half size of the trade.
Risk 0,25% of the account per trade.
Occasionally GBP/USD, EUR/GBP, USD/JPY, EUR/JPY, USD/CAD.
EU session: max loss 20/40pips (4 losses in a row), profit target = any positive result.
US session: max loss 20/40pips (4 losses in a row), profit target = any positive result.
Keep in mind: S/R levels, 50/100/20/80 levels, trendlines, news release time.
Enter: whenever you see the reason. S/R break or S/R bounce or 5m pullback or 5m inside bar pullback. Enter at the beginning of a new candle.
Exit: when TP is hit or whenever you see the price is not doing acceptable movement.
1. Be disciplined every day, in every trade, and the market will reward you. But don`t claim to be disciplined if you are not 100% of the time.
2. Trading is just a probability game based on pattern recognition.
3. Loss is not your fault.
4. Trade what you see.
5. Relax and be happy.