This is Just A reply to A question I got from our fellow trader Micheal C.F. on my trading thread and thought it might be a concern of many other traders.
So, Let's cut to the bones!
First of All there are 4 ways to manage your losses in this market:
1- the regular SL. 2- the trailing SL. 3- Doing a hedge. 4- Doubles.
Most importantly before we dig into the 1st way ( the regular SL ) is TO Admit That You've Lost ... This is extremely important because if you don't handle your psychology properly then don't continue reading this.
So, How do we define the regular SL level:
Many factors shall help us:
1. Highs and Lows
2. S/R levels
3. the pair range of movement.
4. R/R ratio.
.
I've to go back to work now but I'll come back to explain every single one of those then moving to the trailing SL.
.
N.B. Don't continue reading And Go DO something else e.g. Watch TV if you've no intention to learn ...
.
Good Day .... Chris
So, Let's cut to the bones!
First of All there are 4 ways to manage your losses in this market:
1- the regular SL. 2- the trailing SL. 3- Doing a hedge. 4- Doubles.
Most importantly before we dig into the 1st way ( the regular SL ) is TO Admit That You've Lost ... This is extremely important because if you don't handle your psychology properly then don't continue reading this.
So, How do we define the regular SL level:
Many factors shall help us:
1. Highs and Lows
2. S/R levels
3. the pair range of movement.
4. R/R ratio.
.
I've to go back to work now but I'll come back to explain every single one of those then moving to the trailing SL.
.
N.B. Don't continue reading And Go DO something else e.g. Watch TV if you've no intention to learn ...
.
Good Day .... Chris
Winners never quit and quitters never win. Vince Lombardi