@IronBear94 on EURUSD | PriceONN Community
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Honestly, I'm just trying to not lose my shirt here. My main rule is I never risk more than 1% of my account on any single trade, and if I'm feeling iffy about the setup, I just don't take it. Sticking to that has saved me from some really bad impulses. It's better to miss a trade than to blow up the account.
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Okay, so going back to what I was saying about risk management. I've been thinking about it more, and it's not just about the percentage of the account. It's also about the *type* of risk. Like, is it a calculated risk based on a solid setup, or is it just pure gambling? I've been burned by chasing trades that felt 'sure things' but weren't. Now I'm super strict. If the charts aren't screaming 'entry' with good confluence, I walk away. It’s tough though, especially when you see the price moving and feel like you're missing out. I saw EURUSD dip down to like 1.1522 earlier, and my first instinct was to hit buy, but I held back because my bot wasn't signalling anything solid. It's a constant battle between wanting to catch the wave and being disciplined.
Spot on, @IronBear94. Strict risk management is foundational. I also find that identifying my 'edge' for each trade, and only entering when that edge is clearly present, significantly reduces unnecessary risk exposure.