Point of entry help ?

[phoenix25140]

Hi guys, im new to the forum, and i already love it

Im 19 and currently in University,

I trade with Tradefair spreads and have about £500 in the account atm

I have a pretty solid strategy, ive made a little in just over 2 months

However, im really struggling to set decent stops and limits.

I have my own personal forex chart which i made to guage potential points of resistance depending upon the start of day figure and the previous day average. So basically I either trade long at low points or short at high points.

My problem lately is trades that stop before the peak of price resistance due to my stop limit being too low. Usually at -£35 @ £2 a point. Shortly after comes the resistance and the chart plummets. I feel my strategy works but how can I improve my point of entry to maximise my profits ? :cheesy:

Any help would be brilliant . Sorry if my terminology is a little basic

 

[Vaco]

sounds like you are trying to catch tops/bottoms why not wait for the peak to form and then enter on the way back down instead?

 

[rathcoole_exile]

I have a pretty solid strategy,

please let me be the first to congratulate you ....and then take the opposite side of your trades

 

[Vaco]

please let me be the first to congratulate you ....and then take the opposite side of your trades

ahh play nice rath its only his second post and he is so young, full of enthusiasm and of degree calibre to boot.

 

[rathcoole_exile]

oops, sorry V-Man

not trying to put him down, just trying to open his eyes to the long, hard, rocky road ahead...

unless he learns at the feet of The Expert a.k.a. Albert resurrected..

 

[Vaco]

u think the expert is albert, doesn't seem to rude or arrogant enough, seems like a very toned down resurection.

 

[rathcoole_exile]

maybe just a wannabe

 

[phoenix25140]

Will i lose big before i win big ? ha

Ive heard thats the way it goes.

People who dont understand trading just tell me that im going to lose money, is it doable ? consistently making profit ?

 

[Black Swan]

Hi guys, im new to the forum, and i already love it

Im 19 and currently in University,

I trade with Tradefair spreads and have about £500 in the account atm

I have a pretty solid strategy, ive made a little in just over 2 months

However, im really struggling to set decent stops and limits.

I have my own personal forex chart which i made to guage potential points of resistance depending upon the start of day figure and the previous day average. So basically I either trade long at low points or short at high points.

My problem lately is trades that stop before the peak of price resistance due to my stop limit being too low. Usually at -£35 @ £2 a point. Shortly after comes the resistance and the chart plummets. I feel my strategy works but how can I improve my point of entry to maximise my profits ? :cheesy:

Any help would be brilliant . Sorry if my terminology is a little basic

OK, unless you are v. confident that your edge *works* then you're risking way too much percentage of your small pot per trade (9%?) and your stop loss is (IMHO) the stop loss a 5hite scalper would use...and you don't scalp using tradefair to spread-bet...
As for entries wtf, why havn't you figured that out yet?