Hi All,
You know now I understand why we as newbie should start Micro account rather than mini :) My current open position shoots up to 1,300 pips and crashes down to negative 100 pips in just less than 24 hours :D
This has taught me a very good lesson as how risk management is so important :) I guess that is why Courtney focus the morning session on Mindset and Risk Management. Hence, it might not be a bad thing to focus on other stuff once the trade has been set for the day.
Like what my Senior, Eric Oh, says Cast your net in the morning and get it back the next morning and cast a new one again :) And I like his analogy because this way My Money works hard for me and makes me more and more money! :)
Your Friend,
Max Tay
On my way on a Journey of Growing up...
14 years ago
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Dear Max
ReplyDeleteI understand your feeling , you got 1000 pips in 1 position or in multiple position . If you get 1000 pips , then you should move your stop loss to breakeven or even 300 pips profit . in that case if the trend continues you will be moving your stop loss and booking more profit . As Courtney said give currency room to move a bit … the room is ATR + 150 pips ... that’s my tough guess … during volatility ATR will increase and during ranging market ATR will decrease … ATR + ADX tells us the strength ..
Warm Regards
Tanmoy
Dear Tanmoy,
ReplyDeleteI would love to change the stop loss BUT I don't know how or rather I can't! Because it is the system :) I am using Daily chart my friend.
Hehe. I am ok :) Just writing down my emotions down so that all the newbies can relate to it :)
Your Friend,
Max Tay