BeatlemaniaSA wrote: Wed Jun 15, 2022 3:01 pm
First and foremost I like to set myself a TP target. Usually 30 - 40 pips. One thing I learnt from a good trader is not to think of getting that 100 -200 pip move. It's about securing those 30 -40 pips and then you can start earning more by increasing your lot size. Still achieving the same number of pips.
You can earn more with 10 pips and a lot size of 0.1 than a 50 pip move with a lot size of 0.01. If you go in with a lot size bigger than 0.01 then you can take profit, move sl to BE or use a trailing stop for the rest. Then just let it run
LOL......Yes for sure Beetle I have been using a 30 pip target for some time now & for exactly the same reasons. In & out money in the bank onto the next trade.
But that's not explaining your if in doubt get out strategy If you do have one...Like the certain things you look for that set off the alarm bells within the context with using this strategy.
P.s. Thanks for the JPY Basket.....never new it existed.........I do the majority of my charting on TradingView, purely because I find It far more user friendly & I have my favourite RSI Indi with great divergence built in.