Does anyone else trade direction, without regard for entry point ? By this I mean,
- decide on direction for a pair,
- place order regardless of how far pair has run in whatever direction you chose,
- set no stoploss, or a very wide stoploss,
- set BE SL after some gain (e.g 50,100 pips)
- jettison losers (i.e. oops got the direction wrong)
I've tried this, since I don't seem to be able to pick good entry points to save my life , and focusing on entry point can drive me nuts with anxiety, frustration.
I've tried this with daily charts w/ some success... But, don't know if this is a workable strategy, overall.
Any thoughts on this ? Thanks for any input...
Take care,
- decide on direction for a pair,
- place order regardless of how far pair has run in whatever direction you chose,
- set no stoploss, or a very wide stoploss,
- set BE SL after some gain (e.g 50,100 pips)
- jettison losers (i.e. oops got the direction wrong)
I've tried this, since I don't seem to be able to pick good entry points to save my life , and focusing on entry point can drive me nuts with anxiety, frustration.
I've tried this with daily charts w/ some success... But, don't know if this is a workable strategy, overall.
Any thoughts on this ? Thanks for any input...
Take care,