jrtrading wrote:Edit: Exited this trade because price did not close higher, was also way too tight of a space.
Edit II: Price seems to want to go higher so I went in again, this time with a much wider space.
As I wrote some posts ago I decided to trade demo and that has some challenges in itself, meaning no respect for "money".
After some loss I put on a high lot trade which could have easily wiped me out, instead I am up 11.5%.
This is not good on many levels..
Just for comparison, this is not the way that I do things at all
My initial space will always be ~35 pips (because of P&F studies done with Alias).
35 pips from an extreme or a long term breakout ("BOx") is plenty of space.
If you oversize your space, as someone who is new to space, then your trade selection suffers;
you are always within reach of the current price so you are apt to trade everything.
There are many more things, but this is enough for now:
Bodies show the way...
TRADE IN THE DIRECTION OF PROFIT