I have been trading currencies - mainly EUR/USD, USD/CHF and EUR/GBP - with a good amount of success (11%). My account is rather small (for now) until I fully grasp the vast amount of information.
I typically scalp off of economic news and use indicators for support. I do not use them heavily, but since they tend to lag I use as contrarian indicators.
Now, I am curious on other traders use of stop-losses. I have use tight and lose SLs because I know it can get risky if they are not in place. For instance, I was short EUR/USD and had a lose SL, maybe 50 pips, in place. It literally bounced up touched it, stumped me out of the trade, and retraced within 90 mins.
I would like to know any ideas to avoid this or how to place a better SL. Also, are there any simple systems I could utilize? I trade about 3-4 days a week but have a full time job. I can hold a trade for an hour or a day.
Any advice would be much appreciated.
Thanks!
I typically scalp off of economic news and use indicators for support. I do not use them heavily, but since they tend to lag I use as contrarian indicators.
Now, I am curious on other traders use of stop-losses. I have use tight and lose SLs because I know it can get risky if they are not in place. For instance, I was short EUR/USD and had a lose SL, maybe 50 pips, in place. It literally bounced up touched it, stumped me out of the trade, and retraced within 90 mins.
I would like to know any ideas to avoid this or how to place a better SL. Also, are there any simple systems I could utilize? I trade about 3-4 days a week but have a full time job. I can hold a trade for an hour or a day.
Any advice would be much appreciated.
Thanks!