Captain Pugwash wrote:trueblueTEX wrote:
00 is your Position (ie "mental stop loss") correct?
I would say your 00 Position is a hard stop shipmate - for you would have killed all your space if that line is blown through.
You must NEVER allow more than 40% of your space to be killed on any one trade (preferably much less)
I would put my "mental" stop behind some convenient D+ S/D S/R whatever
This is to prevent you getting wicked out (only a close on a H4 candle crossing your mental stop would require action)
Protect your space - and it will reward you
I disagree with this post.
If this were true we are then back to trading for pips AND trying to protect some or all of our held profit.
Much too tedious.
And trading for pips is stressful.
What ever you are risking (from 00), You are risking.
Whats 2% of my $ when I have potential to make 50-80-100%?
PRICE SHOULD NEVER TOUCH 00. IF IT DOES. YOU MUST RESTART FROM A NEW EXTREME CUZ THAT ONE AINT IT.