Hello FF.

I have just begun trading live this week. I have been backtesting for more than a month now, and that I formulated a egy that works for my personal style. Currently I'm focussing only on the EUR/USD pairing, and place my trades to last up to a week at a time. I have got what I think is a MM scheme, using a 2:1 risk reward ratio. It is a traditional egy, and that I expect only modest profits... but thats okay with me. I'm trying to figure out the best risk reward ratio to use when making daily trades (i.e trades which will not carry for longer that 24 hours.)

Let me start off by stating that I don't utilize indiors. I utilize a spreadsheet with prices. A few formulas later and that I know what direction I want to trade. I'm keeping it simple. I don't need to be correct every time. With a MM egy that is suitable, I should be able to scratch out a profit.

My question however, is that which risk benefit ratio should be used for daily trades? If I'm on the lookout for a modest, 10 to 15 pips per day, what do I do? A 5 pip S/L seems too tight. The results did not look good, although I tested with a 1:1 ratio. I tested with a 30pip S/L and 15pip TP, but as anticipated, the outcomes stunk up the joint.

Is there anyone here that uses a 10 to 15 pip TP on a daily basis, and if so what is your risk reward ratio? If you are intending at 15pip TP, where do you put your S/L?

Thanks,