@PoojaKhan on EURUSD | PriceONN Community
I'm trying to be really careful with my trades. My main rule is not to risk more than 1% of my account on any single trade. I know some people are okay with more, but with me being so new, I feel safer this way. I also try to have a clear take-profit and stop-loss before I even enter, so I know what to expect. It helps me not to panic too much.
Replies
And I don't add to a losing position either. That feels like a recipe for disaster.
C
Hey @PoojaKhan, I totally get where you're coming from with the risk management. Sticking to 1% per trade is super smart, especially when you're just starting out. I've been trying to do the same, although sometimes it's hard to resist the urge to go in a bit bigger when you see a setup that looks really promising. But yeah, the clear TP and SL before entry is key. I've found that if I don't have those defined, I tend to second-guess myself a lot, and that's usually when I make mistakes. I also agree with not adding to losing trades, that's a slippery slope. It feels like just throwing good money after bad. Better to just accept the small loss and look for the next opportunity. What do you think about the EURUSD's close last Friday? I'm a bit nervous about a potential gap down this Monday.
S
Hey @PoojaKhan, I agree! Sticking to 1% is smart. I'm still figuring out my stop-loss, it's tricky!