My 2 cents (pun intended)... If you are losing your account on trades that go against you for mere 50-100 pips... then you are over leveraging your account. Money management is the #1 thing you should focus on. I trade 0.5 lots per $100,000 in my account per trade... and i rarely have more than 2 trades open at a time. Tight stop losses... are a nightmare for your account. Don't set your stop too close to price, as you can see price action will take it out more often than you will hit your take profit level. Set a reasonable Take Profit level... this depends on the timeframe you are trading, current price action, support and resistance levels, etc. My stop loss... i set a stop loss to prevent "catastrophe". I place my stop at -5% of my account. This will help prevent a run-off on the market destroying my account and prevents the "stop hunters" from hitting a tight stop. I exit trades manually between -0.5% and -2%. I will always exit a trade if it reaches -2% as that is my maximum loss i'm willing to take per trade.
Money management! That's the key to success in trading Forex.
LiveFXtrade
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@jasoncarlile, You really dont get it. I can NEVER open a trade, without it countertrading... IF I am lucky, the price get in profit for very few pips, BUT then it struggles, unless I take that "cent" profit... OR it will (if I had bought) DROP 2x from the last swing it did. Has NOTHING to do with money management, loosing maybe, but NOT the price reaction I see that I am part of, and I dont know why, because there should be millions trading!
Dgtlnet
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Hard luck! I suffered actually a lot with this market and I couldn't find a good way to make money. But then I started to think out of the box and I succeeded pretty well.
To take buy or sell position depending on your strategy will never ever generate money. Think in another way! That's my advice to you.
Money management! That's the key to success in trading Forex.