Pips in wheelbarrow - Trading FX profitably

[Galts Gulch]

Training chart ...
Waited for the market to clear yesterday's High ...
Shorted as soon it cleared that zone ... Easy 60 pips ... On one standard lot (I trade only standard lots) ... That is 580$ ....

 

[yuvrajjj]

Real time ... Practical FX trading rules ....

3. Stop Loss ... Do not use SL for the sake of using it. Be flexible with it. Know your trade's entry rules, risk appetite for that trade before deciding SL. But, we should not have a SL which will erode the total margin on that trade itself. For example, margin on .1 lot sized trade will be 100$ on a currency pair. If the SL is set for 100 pips and SL gets HIT, you lose all the 100$ margin on that trade ... Does it make any sense?

As Sai Baba (I’m not bringing any philosophy or Godly aspect here) used to say … Love with detachment.

"People create their own questions because they are afraid to look straight. All you have to do is look straight and see the road, and when you see it, don't sit looking at it - walk."

I haven't read your entire thread so don't know if you covered this lil important issue about timing, sometimes the trade is correct but the timing isn't. I've lost money coz even after my trade was correct, PA was rightly predicated, but my entry time was wrong. The so-called "smart money" decided to do one last testing & my sl was hit.

p.s about "Love with detachment" well I can't give Sai baba credit for this as Mahavira, Buddha & the Upanishads long before Sai Baba has made this point.