CTM 1.0
January 15, 2020 2022-05-04 19:21CTM 1.0
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Conquering The Markets
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Why Forex?
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Before you start
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What tools do you need?
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Important questions you should ask
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Yes, it matters
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Critical details
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Strategy details
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Risk management
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bpinon
Question – When you take a trade and it approaches the next support/resistance level, instead of moving your stop loss to break even, why not move your stop closer to a point where there would be confirmation that price is in fact being rejected at that level? ie: An 8HR candle approaches and touches resistance. Why not move the stop to just below that candle? If you advise not to do this, it would seem to me that your PRIMARY goal is not merely to make a profitable trade, it’s rather to make a profitable trade that at minimum breaks through the next level of support/resistance from your entry point. Is this the case?
Jordan Lindsey
I prefer to give my trades as much room as possible which means the initial stop loss and then when moving my stop loss to breakeven. Once I move my stop loss to breakeven I may have reduced risk but also increased a chance for a stop loss. If you moved your stop loss below the first sign that the first support/resistance was holding you would actually be limiting your profits as you would be exiting trades too early.