Hello FX-Tiger,
As you said i looked back in past 50 trades record and find that the average wiggle against me in any trade was around 29 pips only if thats what you wanted to know.
If you meant, what i understand, is that i should find out average movement against my order.
Is that right and that should be my stop loss.
If my average stop loss is coming out to be 29 pips as compared to my take profit of 24,(which is my standard TP).then also after tweaking the stop loss,the problem may not get solved.
Because in a day the movement against you can be immense around 50 pips or so during news time.
And as according to my strategy i place orders in the morning and dont watch any signals i wont be there during the news time.
Another problem if i increase the Stop loss it then also creates a problem because even if i pick high probability trade the chance against me still hold, that my stop loss may get hit and with bad risk/reward ratio i get bad result overall.
Well that is true, that i would get overall good Profits but with bad Risk/Reward Ratio, which will disturb my fragile peace of mind.
You said you will post your charts i would very much like to see them.:clap:
I am eagerly waiting.
Tavnaz
As you said i looked back in past 50 trades record and find that the average wiggle against me in any trade was around 29 pips only if thats what you wanted to know.
If you meant, what i understand, is that i should find out average movement against my order.
Is that right and that should be my stop loss.
If my average stop loss is coming out to be 29 pips as compared to my take profit of 24,(which is my standard TP).then also after tweaking the stop loss,the problem may not get solved.
Because in a day the movement against you can be immense around 50 pips or so during news time.
And as according to my strategy i place orders in the morning and dont watch any signals i wont be there during the news time.
Another problem if i increase the Stop loss it then also creates a problem because even if i pick high probability trade the chance against me still hold, that my stop loss may get hit and with bad risk/reward ratio i get bad result overall.
Well that is true, that i would get overall good Profits but with bad Risk/Reward Ratio, which will disturb my fragile peace of mind.
You said you will post your charts i would very much like to see them.:clap:
I am eagerly waiting.
Tavnaz
Sure..I will post the Examples of Breakout-Pullback Method. just give some time...
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Regarding StopLoss,
Can you Mind telling the " Strategy" ,Like where to enter? and when to enter?,
So that we can add an extra Pivot/S/R Indicator to Filter out.
I just have No Idea of Setting a SL without knowing the Actualt Strategy.
If you do based oon Risk-Reward, And if Risk-Reward is very bad then You have to slightly change the Strategy and filter out your bad moves/entry.
Other Thing is , Starting Moving your SL Large and It Results in Bad Risk:Reward Ratio, But the Number of Loses will be reduced by finding the correct SL. Try with
50 SL and 20 pips as First Target and 50 pips as Second Target.(I mean close Half Lot at First TP and Close other Half at Second TP)
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Hope you Understand it. You can pm me the strategy and I will try to help till you satisfy
