Guardian Angel, OK - nice to know. I didn't knew that. But I suppose you must really trade long-term with a 4 hour chart? How do you use it to trade?
Hello all, I am a complete novice to the forex market. I have started trading a live account but i tend to let a lot of pips slip past me by closing the position pre-maturely. Meaning i pull out after 10 or 15 pips profit. Is this a very bad way of trading? Am I going to lose out more money than i make by trading this way? Please HELP me! Thank you,
Hi Chaw, Welcome to "the crazy gang". 1. Yes. You need to let your profits run. 2. Yes. If you take big losses. But maybe you are a scalper?
Baruch, Thanks for your reply, Maybe i am a scalper i dont know, but is it bad to be a scalper? I just thought that by doing it this way i will minimize my losses, (i understand my profits will be smaller too!
How big is your average stop loss? I find with forex with the movement being quite large a lot of the time 10-15pips is within a normal flux range, unless you can keep your stops < 10pips including spread (and not get taken out by normal price flux) then your going to have a hard time making profit over time.
Hi Chaw, We all have to find our own trading style, and if scalping suits you, it's OK. But I think it's much better to take large profits - and small losses. EUR/USD has a 100 pips range nearly every day, so it's not so difficult to target larger profits.