Wizzlebizzle wrote: aliassmith wrote:
Wizzlebizzle wrote:Oke, im taking a break. Took a couple of -10 losses in a row on GU. All of them in my plan apart from one.
Figure out how to not use 10 pips SL. Get them down to 8 if you can. Your screen is cropped so much I dont know what timeframe you are on.
I shall have a look at that. Would one idea, for example, be to simply forgo trades that require a larger stop?
1. Go to a lower tf, you will get a smaller stop.
2. Ignore the trade.
3. Wait for a pullback into that big candle on the very next candle. If it's a structure then wait for a pullback into that structure for a discounted stop.
4. Divide the size into 2 for example. 1 for putting smaller stop the other for the full 10 pips. You can play with the risk size for each position based on the stats of same occurrences that you already observed.
5 Take the full 10 pips stop and then move your stop to decrease the stop size after the market is positively moving into your profit.
6. Divide your size into whatever stop size you desire and then enter accordingly. Example, you prefer 5 pips stop then open 1st position with 5 pips stop and put a pending order at the stop and use 5 pips stop. If successful, your 2nd trade won't be triggered. If not then 1st trade might die and 2nd might survive. Worse scenario is you lose both.
There are more options if you contemplate on it much longer.
And of course, each solution comes with their own pros and cons.