Basic questions for the experienced currency traders to help eachother out here

[Mr. Crabs]

How long do you usually hold a position, or aim to hold a position?

How many pips do you aim to gain when opening a position, how many pips up do you tend to be when you begin selling?

How many pips down do you tend to be when you close a position at a loss?


I'm new to the forex but generally I try to close within 20 minutes or so, on the upside I don't buy unless I think I can pull off 5 pips, I usually start selling up 3 pips or so but sometimes I switch it up and aim for hour holds and 100 pips or so. I usually don't get shaken out of positions at a loss because I'm only on a practice account.

I figured this would be a good way for us to gauge the psychology and timing of the markets.

Help me out here with some answers, if this thread gets popping with replies we can all have a much better perspective on the markets because of it.

 

[NVP]

How long do you usually hold a position, or aim to hold a position?

How many pips do you aim to gain when opening a position, how many pips up do you tend to be when you begin selling?
I aim for the moon.....

How many pips down do you tend to be when you close a position at a loss?
the Stop loss position is based on using the pattern prior to entry - dont limit yourself to a set pip loss figure (unless scalping)

I'm new to the forex but generally I try to close within 20 minutes or so, on the upside I don't buy unless I think I can pull off 5 pips, I usually start selling up 3 pips or so but sometimes I switch it up and aim for hour holds and 100 pips or so. I usually don't get shaken out of positions at a loss because I'm only on a practice account. Go with the flow.........you dont know what the price is going to do and the fat tails are what make the Great Traders very rich indeed

I figured this would be a good way for us to gauge the psychology and timing of the markets.

Help me out here with some answers, if this thread gets popping with replies we can all have a much better perspective on the markets because of it.

thnks
N

 

[Mr. Crabs]

thnks
N

Thanks for the answers VP I appreciate it, this affirms my change of game, I started off aiming to be in and out in a few minutes, I've been realizing holding longer is key to more consistent and larger gains. Holding for 30-60 minutes seems to work better for me than holding 1-10 minutes but it's very easy to get distracted in the forex with so much going on it practically gives me ADHD.

Sure the psychology is easier to predict in the very short-term but the established big money players can always tip the scales in any direction they want, it took me a few days to realize this is why I should give up trying to pick up all the quick 1-5 pip corrections as I had been going for the first few days I started out.

Hoping to get more responses to this your answer alone gave me a much greater perspective of the forex. I figure the more we know how other people trade the better grasp we will have on understanding behavior in these markets.

 

[NVP]

Thanks for the answers VP I appreciate it, this affirms my change of game, I started off aiming to be in and out in a few minutes, I've been realizing holding longer is key to more consistent and larger gains. Holding for 30-60 minutes seems to work better for me than holding 1-10 minutes but it's very easy to get distracted in the forex with so much going on it practically gives me ADHD.

Sure the psychology is easier to predict in the very short-term but the established big money players can always tip the scales in any direction they want, it took me a few days to realize this is why I should give up trying to pick up all the quick 1-5 pip corrections as I had been going for the first few days I started out.

Hoping to get more responses to this your answer alone gave me a much greater perspective of the forex. I figure the more we know how other people trade the better grasp we will have on understanding behavior in these markets.

Dude .........dont get hung up on timings........get a strong strategy together and exit when the strategy tells you....could be 2 mins or 2 days ......

N

 

[Mr. Crabs]

Dude .........dont get hung up on timings........get a strong strategy together and exit when the strategy tells you....could be 2 mins or 2 days ......

N

Good word, still working on a strategy. Right now I'm just winging it.