Here goes with my first trade then!
All my trades are on the S and P 500.
I have placed a buy trade of £10 at 2075.5
My stop loss is 2073.5 giving a risk of 2 pips.
I have already moved my stop up a little , the reason being it bouced off 2074.7 and my RSI indicator came back up through the 30 heading northound after a double dip.
I'm never sure about moving stops up and have been caught out a few times when it goes through the stop then down a couple of points and rebounds.
I also spotted a support level at 2075.1 on the 14th April which it bounced straight off and then again on the 25th April at 2077.2
This is where it gets difficult for me as I really stuggle with risk management.
Trade has gone up to 2078 and I could place a stop at my entry price and run it.
If I lose then I've lost nothing but theres a chance of a good gain. However if my entry price stop is hit and my previous stop was sound then I could be shooting myself in the foot. Any ideas?
All my trades are on the S and P 500.
I have placed a buy trade of £10 at 2075.5
My stop loss is 2073.5 giving a risk of 2 pips.
I have already moved my stop up a little , the reason being it bouced off 2074.7 and my RSI indicator came back up through the 30 heading northound after a double dip.
I'm never sure about moving stops up and have been caught out a few times when it goes through the stop then down a couple of points and rebounds.
I also spotted a support level at 2075.1 on the 14th April which it bounced straight off and then again on the 25th April at 2077.2
This is where it gets difficult for me as I really stuggle with risk management.
Trade has gone up to 2078 and I could place a stop at my entry price and run it.
If I lose then I've lost nothing but theres a chance of a good gain. However if my entry price stop is hit and my previous stop was sound then I could be shooting myself in the foot. Any ideas?
Surfing the 100 waves!
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