Don_xyZ wrote:
I've done SL and I've done no SL. The red string between them is nailing the bias correctly. On no SL, I tend to be very, very selective and chose only the highest grade of them. Also, I play it differently when I do no SL in terms of the management.
I'm not a day trader, maybe it's different for you . . .
Your limit order was what you thought was a good price, so if it starts pushing down from a line that is 4 points lower then you know that you're probably in the wrong.
The trader that went short is likely going to have as much trouble making pips as you did going long; if you don't panic, then you can exit your position at their stop loss.
If you're using a line chart then you're ignoring the M1, M5, and perhaps even the M15 price ranges; it doesn't make sense to use an order type that runs contrary to your analysis.
Now if your trade is in profit, price breaks to a new high, and you want to sell at the market. . .
I think that's fine.