This is probably the one main idea i cant seem to get a handle on.
I am brand new to this, doing a 50 dollar live account instead of demo, to account for the psych side of losing/gaining money.
i have been setting SL about 10 pips away. and TP about 10-15. but i only ever seem to hit 5 pips max..
Now im scalping these 1-2 dollar profits when i can, but. How often do most people trade.
ive had an account for about a week and im on almost 100 trades. profits of .20-.40 and losses of more like $1-$2.. I imagine what im doing is only trading the up and down swing and not the longer term trend.
So when trading that longer term trend, what kind of TP/SL are you guys allowing for fluctuation.
Case in point EUR/AUD is on a upward movement this week. But those dips would have normally cause me to hit SL.
Im now long at 1.45047 with a +-50 SL/TP
trying to introduce myself to the "longer" term trending. is 50 enough? do the days determine your threshold.?
I dont have a system per se. i am "self" teaching and will either fail the first time or stay afloat long enough to learn. so far ive stayed afloat a week and only lost $14
my trades are public etc. with dollar amount and all.
I am brand new to this, doing a 50 dollar live account instead of demo, to account for the psych side of losing/gaining money.
i have been setting SL about 10 pips away. and TP about 10-15. but i only ever seem to hit 5 pips max..
Now im scalping these 1-2 dollar profits when i can, but. How often do most people trade.
ive had an account for about a week and im on almost 100 trades. profits of .20-.40 and losses of more like $1-$2.. I imagine what im doing is only trading the up and down swing and not the longer term trend.
So when trading that longer term trend, what kind of TP/SL are you guys allowing for fluctuation.
Case in point EUR/AUD is on a upward movement this week. But those dips would have normally cause me to hit SL.
Im now long at 1.45047 with a +-50 SL/TP
trying to introduce myself to the "longer" term trending. is 50 enough? do the days determine your threshold.?
I dont have a system per se. i am "self" teaching and will either fail the first time or stay afloat long enough to learn. so far ive stayed afloat a week and only lost $14
my trades are public etc. with dollar amount and all.