I've only been trading for a few months and am trying to absorb everything that I can get my hands on. In my trading, it always seems that I'm on the wrong side of the swing. So what I'm proposing, is that I'll post the trades that I've made that resulted in a loss, and hope that I'll get feedback on what I've done wrong or need to improve upon. I hope that others will benefit and learn from my mistakes. Many thanks to anyone that provides feedback.
In the trade below, I bought GBP/USD on a bounce off of the lower trendline at 1.8626. Within a few hours, I was 40 pips in the money. Therefore I moved my stop loss to 15 pips below the trendline, only to get taken out for a 1 pip loss. Now you can see that it's making a modest climb again. Did I set my stop loss too close?
I tried to import the image into this message, but I don't think it worked, so I've attached it.
In the trade below, I bought GBP/USD on a bounce off of the lower trendline at 1.8626. Within a few hours, I was 40 pips in the money. Therefore I moved my stop loss to 15 pips below the trendline, only to get taken out for a 1 pip loss. Now you can see that it's making a modest climb again. Did I set my stop loss too close?
I tried to import the image into this message, but I don't think it worked, so I've attached it.
Attached Image