DislikedDear Stratman
I've reached a stage here I think Im gonna literally pull my hair or break my monitor !
I seriously just cant seem to find an answer to (which I think) is a very basic question
I'll phrase it up with an example so you can know better and hopefully help me solve this dilemma
Example : In a Head and Shoulders Pattern (just using this as an example) , I know price is going to tank after the left shoulder is formed (lets neglect all other indicators for now) its going to tank, so I decide to GO SHORT ie Sell.
Using Metatrader...Ignored
Hi Oculos,
1. To start with, you appear to be trading with a market maker, if you are restricted in your trades. Piss them off ( they are bad news) and go with a STP , beter STP ECN broker who allows total freedom with your trades. It is not metatrader that restricts your stop placement, it is your bad broker.
2. You are obviously smarter than all of us if you know it is going to tank, but I repect your confidence.
3. You sound like you are scalping if you are looking for 20 pips, therefore I have dificulty working out why you would use buy and sell limit trades. Watch the trade and enter as your indicators suggest. Range trading would be the exception to this.
4. Work out what type of a trader you are, if you are a day trader or longer you can use limit trades, if you are a scalper, ie. less than an hour trader do it live. For speed of entry (when it starts to tank) use scripts to get in and out or use ECN brokers such as IC Markets who provide on screen 'mini terminals', with instant in and out trades with stops and limit preset. You can seriously get in and out of a trade in less than a second. Of course the spread will ensure a loss but you can do it if you have to.
5. "When it just starts to tank", I can almost guarantee it will spike and take out your stop, or more painfully still run flat for an hour and then go against you. What I am really saying is YOU AND I WILL NEVER PREDICT THE MARKET RELIABLY TO MAKE A LIVING. You must work on averages, maximising your wins and minimising your losses, easy said.
Hope this helps,
John