It is a very good question, and this is something, which all traders, particularly in the starting, have a challenge along with. This is also something great, which is usually gained by the experience. The main thing, which a trader should do, is to acknowledge that losing trades will be with you. If a trade is moving against you, like as a trader you should be willing to consent that loss similarly as you are willing to instantly accept the succeeding trades. As you are trading along with risk capital, the money, which you can afford normally to lose, a trader should be OK along with that loss because this will not affect their way of life one tiny bit. As loss in trading is simply a part of it. If you aren’t trading along with the risk capital so you should stop trading.
Next, be sure that you are considering merely some higher probability trades, those trades, which are in the way of the trend. If a trader recognizes that they are generally trading a pair, which is in the strong trend, so they will have the bravery of their confidence to be capable of sticking firmly along with the trade as this is in a very strong trend.
Finally, be certain that you are strictly following the rules of money management. Therefore, whenever the losing trades happen, your losses will be little as well as manageable. You should practice this discipline lots of time in the Demo account until you become quite comfortable along with it.
Some suggestions :
There is one answer on two question :
Question 1 : How to Avoid Staying with Losing Trades Too Long in forex trading ?
Question 2 : How to Avoid Taking Profits Too Quickly in forex trading ?
Step 1 : You need to calculate and recognize pivot points on daily chart.
Step 2 : You need to draw Fibonacci levels on daily chart.
Step 3 : You need to make trned conclusion for example like this :
Currently EUR/USD price is 1.355.Last 2 weeks price tried to break 1.3425 and it is in range 1.3425 and 1.362.In last month strong pivot point is 1.388 and I think this : EURUSd is in bearish trend, and price will reach in next weeks or days 1.315.Strong pivot point is 1.38.
Trading ideas :
1) Daily weekly traders :
So if I create long trade it will be : SELL EUR/USD at 1.355 , stop 1.388 and profit 1.315.
2) Hourly traders and intraday traders :
Sell EURUSD at 1.342, profit 1.315 and stop loss 1.362 or if price goes above 1.362 :
make BUY trades, small proift with strong stop loss 1.342 and use MACD or RSI indicator.
So answer is :
There is no 150 pips or 300 pips or etc…You need to calculate stop loss and pivot points and to use them.
What do you think ?