EUR/USD Beginner Level trading
I have taken a buy trade now with SL at 1.1741 and TP at the upper edge of the Asian range (1.1772). There are option expiries sitting upwards so I think they should act as a magnet to price, especially the option expiry sitting at 1.1775
Trade update: Still in profit but TP has not been reached yet.
How many pips is the stoploss and how many pips is the take profit?
How many pips is the stoploss and how many pips is the take profit?
SL is about 10 pips and TP about 13 pips
SL is about 10 pips and TP about 13 pips
It’s a 1:1rr trade then?
It’s a 1:1rr trade then?
Yes, I hope it hits TP before 3:45 pm when U.S. PMI news will be released. Cos PMI news usually spikes price in both directions which is dangerous.
Today I took 3 sell trades, got stopped out of the first two cos I kept my SL too close to entry (actually blame myself for that, I dont know what i was thinking). The 3rd sell trade was profitable and I recovered the loss plus a lil extra profit. I am done for the day.
Today I took 3 sell trades, got stopped out of the first two cos I kept my SL too close to entry (actually blame myself for that, I dont know what i was thinking). The 3rd sell trade was profitable and I recovered the loss plus a lil extra profit. I am done for the day.
I've learned this the hard way, if you size up to get back, you often end up in a spiral. It has happened to me often before.
I know this, as a wrong behavior pattern from what happens, once you push back, it does not stop at the fourth or even the fifth trade. It is especially hard as an intraday trader.
Your first two trades were 0.02 lots. The third was 0.05 lots i.e. 2.5x the size (and it is near the end of the session, in the middle of the Asian range). It worked this time. You sized up after two losses to recover faster, it came off.
But run that pattern 50 times and the version where the 3rd trade also stops out, now at 2.5x size - is what creates the real damage. The loss that breaks the account isn't the two small ones. It's the big one you took trying to claw them back.
The traders who survive long enough to compound the capital never need to "recover" a session. They size consistently, take the small loss as a cost of doing business, and move on completely unbothered (maybe an exaggeration, it hurts, but that is the cost of doing this business). The session P&L is irrelevant in the sequence.
You're self-aware enough to post this, which is great.
Nowadays, I stick to only 2 trades in a day rule (second only after losing the first, and clear rules based). And within the daily loss limits set.
EUR/USD expiry clusters between 820 to 795 so I am shorting with TP at 800. I want to believe price will push towards the clusters first.
After falling towards the last eurusd expiry at 1.1795, price is now rebounding. There is another expiry at 1.1825 so that could act as the next price magnet.
My first trade today was a sell where I targeted a price drop towards the London Fix but the trade ended in a loss. I then saw the upward strength and switched to a buy and netted a profit. I am done for the day.
Just took a buy trade during London and I exited when my daily profit target was reached. Today the market is very shaky due to the US/Iran war so I dont want to hold my positions open for too long. I am done for the day.
