I've recently started paper trading on a MT4 demo account, and I decided to begin using the Simple Forex System.
For the most part, I understand the way the indicators are being used and the way the system works. I've been using it on 1 hour and 15 minute charts though, and the one thing I'm curious about is the timeframe I should expect to take profits in. If I'm trading based on the hour charts, should I be setting trailing stops and then ignoring all the minute-to-minute movements?
This may just be a psychology issue, but most of the time when I trade based on 15minute and above charts, I will usually close a position based on short-term movements, even when the 15 minute chart indicators still look good. I'm basically wondering how much weight should be given to minute-to-minute movements when trading charts for greater time periods?
For the most part, I understand the way the indicators are being used and the way the system works. I've been using it on 1 hour and 15 minute charts though, and the one thing I'm curious about is the timeframe I should expect to take profits in. If I'm trading based on the hour charts, should I be setting trailing stops and then ignoring all the minute-to-minute movements?
This may just be a psychology issue, but most of the time when I trade based on 15minute and above charts, I will usually close a position based on short-term movements, even when the 15 minute chart indicators still look good. I'm basically wondering how much weight should be given to minute-to-minute movements when trading charts for greater time periods?