setting a scheme for S/L T/P rule-set

Marc0808

Newbie
1 0
Hello folks!

I've been meddling with the ERUUSD and USDJPY for a few weeks now (I'm greenishly new to the FX market), opening positions every now and then for a very small amounts of money. The reason: I'm trying to come up with a decent trading strategy with minimum exposure at a given time.
Anyways, I've got this one big problem I haven’t solved yet and thought to bring it up here: how to determine the ratio between transaction-volume and the S/L or T/P rates.

Right now I'm doing: 0.01LOTS positions, Buy (sell) only when rate reaches a 22-days-high (low) on the majors. I set the S/L on 50 pips, T/P on 90 pips.

Would be thrilled to hear other traders' opinions on the matter!

Marc
 
 
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