Long Term vs Short term (scalping) discussion
This is probably the one main thought I cant seem to get a deal on.
I'm new to this, doing a 50 dollar live account instead of demonion, to account to the psych side of losing/gaining cash.
I have been placing SL about 10 pips off. And TP about 10-15. But I only ever seem to strike 5 pips max. .
Today im scalping these 1-2 dollar profits when I can, but. How often do most people exchange.
Ive had an account for about a week and im on nearly 100 trades. profits of .20-.40 and losses of more like $1-$2. . I envision what im doing is only trading the upward and down swing and not the longer term trend.
When investing that longer term trend, what kind of TP/SL are you guys allowing for fluctuation.
Instance in point EUR/AUD is really on a upward movement weekly. But these dips would have normally induce me to strike SL.
Im currently long at 1.45047 using a -50 SL/TP
hoping to introduce myself to the longer term trending. is 50 enough? Do the days determine your threshold. ?
I dont even have a method per se. I'm self teaching and will either fail the first time or remain afloat long enough to understand. So far ive remained afloat a week and only lost $14
my transactions are public etc. with dollar number and all.