Originally Posted by surveyman

I'm doing the same thing as kenny, and using as low a stop as possible. I am using the FXCM, and using the double click entry. This lets me set things up in advance and place the stop at 5 pips, and a limit at 8 pips. In reality the stop ends up being 5 pips plus the spread, so about 6.5 to 7.2 pips. A low stop like that means you have to be pretty sure about the entry. I time my entrys on the 1min, but time the exact entry with a tick screen, and I figure if it goes against me as far as my stop, then I really screwed up the entry anyway, since I am only looking to make 8 pips on the deal. But if things look good, like they did this morning, I will move the stop to breakeven after it gains 6 or 7 pips and move my limit up to the opposite 1min bollinger or 5min MA. Losing those 20-30 pips are hard to make up, and I also have had too many days on the losing end. I have stopped trading all but the first part of the the US session, After looking back, the vast majority of my losing trades are after 9am EST. So I am done trading by 8-8:30am, regardless. I did get one more trade this morning for 10 pips, so I am done for the day with a total of 20.2.....