Well for me,i'd rather the bird in hand than 2 in the bush. So hit the TP first before the SL. Of course also looking at resistances and supports. We all have various strategies.

well,will try and apply that the probabilities. We all learn from each other.

Speaking of learning from each other: @StephenAlala,Xnjambi,Ngaatu,and others:

What technical indicators do you use?

My favourite indicators are EMA (14),Slow Stochs (5,3,3) and RSI (14). Stopped using MACD as I found it giving belated signals. Though momentum indicators can work against you in a trending market. Does anyone use fibbo's?

I think taking an equity risk at 8% toni is not only risky but somehow suicidal in the market.Given your figures that you take 8% risks with about 3-4 trades then go out for a long commercial break is somehow out of road Mr. Take for instance with capital of about $1000 having risk capital of 8% with about 3-4 trades is about 24% to 32% of your equity.This means you are ready to loose USD 240 to 320 with 1000!!!! In my opinion that is absolutely crazy no matter the strategy a person is using.

One thing remember is adhering and being disciplined to money management,which unfortunately most traders read it but dont practise it thus making the bulk of 90% of all losers.Most of novice/newbies traders imagine of hitting the big one as fast as they can which is always negative in the market.Its a feat which less that 1% have made it.

This is where greed and fear determines a lot in the money/risk management. My consideration is that i only see that risking 2% is the most sustainable for a novice/newbie and even proffesionals traders,though only proffesional traders with superior skills and systems may tempt to reach at least 5%! Recouping profits with 2% risk is easy than with 8%,if i go 3 trades with 2% that will only be 6% but with 8% it will be 24%!!! What are the chances of recouping back your profits with 8%,believe me it will be herculian task and maybe with that it will only need few trades to hit a dead end which will mean you will be managing losses but not trading profits!Mind you trading also depends on the volumes,so dont look things done by big volume guys they have enough to cushion themselves

. Equity This is the simple yet difficult to cope up with due to greed and expectations of making a kill fast. The trader risks only a predetermined amount of his or her account on a single trade. A common metric is to risk 2% of the account on any given trade. On a hypothetical $1,000 trading account,a trader could risk $20,or about 20 points,on one mini lot (10,000 units) of EUR/USD,or only 2 points on a standard 100,000-unit lot. Aggressive traders may consider using 5% equity stops,but note that this amount is generally considered to be the upper limit of prudent money management because 10 consecutive wrong trades would draw down the account by 50%.What about if it was 8%??

About stop loss and take profit i even think TP should always be larger that SL.Your risk reward ratio should be TP:SL at least 3:1 or 2:1 depending on your trading strategies and experience of the person in reading the market.Mind you toni you are here to make profits not loss managing,with TP of 30 and SL of 50 means that you may end up trading on how to regain losses rather than the opposite.Can you take a situation if your 3 or 4 trades go opposite,dont you see it will be only draining your capital(risk management) as Njambi said for a novice to go 9:1 may be also ultra conservative but factual as he wont have fear of losses if it goes against him.

On technicals i do like very few and simple to analyse and those give good directions,you know others misdirect!! Anyway i do like MACD(Favourite),Stoch R.S.I,R.S.I,Parabolic Sar.And others few but strong technicals which are at my custody.

I dont think online forex is properly regulated,its not regulated at all,thats a pity for all of us!!! And lets not be afraid to mention and expose the fraudsters who continue to put advert on our dailies of getting 20% per month or xxxx guaranteed returns.Lets not be afraid to safeguard this noble investment.

@NGAATU

@Ngaatu

Thanks for the insights. The 8% risk I take on the higher side. Otherwise on average i do 6%,and an average of 30pips TP and 30 pips SL,though dont necessarily stick to this.

@PrimeCorp

Unfortunately USDKES rate is only on Reuters. There was a cheaper internet version (not sure whether its been discontinued),which most forex bureaus use,or were using. Though it has a 2 mins delay. You can check with Reuters offices - Dvpt Bank Hse.

Afew of the big banks do give plain vanilla options on KES,though the mkt is not deep,so its usually back-to-back. Am not sure of the premiums.

stephen..my lord i guess im breakin the law becoz i speculate on kes all day for a livin

primetime....u cud get synthetic prices here..even offshore,however the premiums would kill you,ama ur talkin about say a zero cost structure?..wat notional amnt would u be willin to buy..anytg less than usd 1 mio would probably not be worth ur banks time...as far as accessin kes pxs..the fact that ours is a market maker market means that prices tend to lack transparency..the closest thing to gettin a transparent price however is a broker px..if u hav a rtrs dealing 3000 screen type MABEAFX...price quoted therein is live and best indicativ of the tru mkt level

as for tech signals...well im old school..trendlines primarily..i use fibos next..then ADX,+DI and -DI....then RSI..which i use to check for signs of divergence