Yip, money management is absolutely crucial. I read someone footnote: "Removing your stops is a carnal sin", something to that effect. That saved me! I opened a sell position 1.2734 on my live account yesterday (thinking it's my demo account - same indicators, timeframes etc) and this morning I discovered to my horror my I've done. I decided to let it ride and just before NFP, I decided to set a stop at 1.2811 - had I not, I would have been back at zero.
It's not my intention to trade NFP yet (first on demo a few months), so this was a lesson to be learnt. But what I've noticed (checked previous NFP releases as well) is that 5 mins before it's released, the market takes direction and continues till about 5 mins after release.
I'm enjoying trading - using 4 custom indicators and ADX on MT4. So far so good.
It's not my intention to trade NFP yet (first on demo a few months), so this was a lesson to be learnt. But what I've noticed (checked previous NFP releases as well) is that 5 mins before it's released, the market takes direction and continues till about 5 mins after release.
I'm enjoying trading - using 4 custom indicators and ADX on MT4. So far so good.
a journey of a thousand trades begins with a single pip