View Single Post
  #19  
Old 04-03-2009, 13:07
AshFX's Avatar
AshFX AshFX is offline
Super Moderator
 
Join Date: Oct 2008
Posts: 857
Default

The 30TP and 30SL rule can be modified for different pairs. Some pairs are more volatile than others, and you'll realise this more as you test your trades. There is no fixed rule here, but what is fixed is that you don't change the reward/risk ratio, it should always be 1:1. I.e. whatever your TP is, then that should also be your SL.

For example, on the GBP/JPY, you may want a 50 TP and a 50 SL, since this pair moves a lot. Again, it's not a fixed rule, and this part of Forex Trading is what we call "discretion", where you judge what decisions to make, on which pair, and which time, based on current factors. The ability to successfully use discretion only comes with practice and ultimately, experience.
Reply With Quote