George C
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Posts posted by George C
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Thanks a lot for your reply Carlos. I set my stop loss based on technical levels too, mostly off of the previous candle open or close; do you think I should be using high/low instead?
I think your suggestion to close the position before the price hits my stop loss if the trade doesn't seem to be going my way is good advice. I'll give that a try.
Thanks again for your input.
Regards,
G
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So I've been trading almost a year now on the simulator and I'm still struggling a lot. Basically I'm in the red every single month. My median accuracy is 50%.
The most important problem I have is that my losers are way bigger than my winners. When the trade goes my way I'll usually take some profit after 10 cents, then scale out the rest. When the trade goes against me, I will exit my position once the price reaches my stop loss, which most of the times is 20 cents (sometimes 30 cents) away. This way a single loss can wipe out the profit of 2 or 3 winners.
How can I change this situation? I know I should aim for 2:1 profit/loss ratio, but that would mean I let the trade run for 40 to 60 cents, and I seldom come across such a move.
What do you think I'm doing wrong? How do you guys manage your trades? How far away is your stop loss (usually) ? (also what is your accuracy?)
Thanks,
G
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I see your point. Would you have put it at the high of the previous red candle?
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Great posts, thank you for sharing! Keep up the great work!
Help! Losers way bigger than Winners!
in Day Trading Basics
Posted
Thank you all for your suggestions people! I really appreciate it!