Twice in today’s session, my STE at BE strategy cost me profits, but I know that overall this strategy saves me money. Better still, it means that I can forget about trades once I have opened them and that leaves mental capacity for looking for the next trade – or deciding whether I would re-enter the trade if stopped at BE.
What are the options of lessening the negative impact of strategy while maintaining the positives?
- Better entries: the closer the entry is the level, the less the chance of a stop out on a retest.
- Keep 1-2 pips breathing space if the entry is exactly at the level. This would increase
riskfrom 0R to 0.3R
- Accept the stats and build the skills to re-enter the market if a level is retested – the downside is that I pay the spread twice.
Stats[table “34” not found /]
The better my entries, the better the chance of this working. It would also be possible to give it 3pips – in certain circumstances, but this will lead to wooly and inconsistent decision making.