100% of traders are losers. Just that some win more than they lose!
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Stops Exits And Trade Management 3 replies
DislikedExit is really my worst enymy today as i was unable to close a 320 pip profit...which is about 60 pip profit now and still cant exitIgnored
DislikedGuys, i have a problem. A big problem in my opinion.
I tend to exit without a good reason and i cant break out of the habbit!
Today i exited my eurcad and usdcad short trades for 20 and 46 pips respectively...For no good reason at all other othan i was in profit.
HELPIgnored
DislikedAs soon as you stop looking to accumalate pips and start focusing on making money then your problem would be solved.
The worst thing you can do is take half of your profits after say 20 pips and then set your trailing stop loss to breakeven and let your profit run. Here is an example:
I buy a $10 lot at 1.4400.
I close half the trade at 1.4420.
So i made $5 x 20 pips = $100.
That leaves me with $5 lot still running.
Eventually i get stopped out at 1.4450. That is $5 x 50 pips = $250
So we made $100 on the first half + $250 on the second half = $350 for the trade BUT we had to make 50 pips to do it
If you let the whole trade run without closing half it would have been $10 x 50 pips = $500
Now who would wanna make $350 when they can make $500?????
Anyway back to my point. If you stop looking to accumalate pips and start focusing on making money you would buy a $100 lot at 1.4400 and close the trade at 1.4405 equalling 5 pips BUT $500.
If you can do that for 20 trading days then you would have made 20 trading days x 5 pips per day = 100 pips x $100 per pip = $10 000.
The good news is that the market offers you more than one oppertunity to make 5 pips per trade.Ignored
DislikedAs soon as you stop looking to accumalate pips and start focusing on making money then your problem would be solved.
The worst thing you can do is take half of your profits after say 20 pips and then set your trailing stop loss to breakeven and let your profit run. Here is an example:
I buy a $10 lot at 1.4400.
I close half the trade at 1.4420.
So i made $5 x 20 pips = $100.
That leaves me with $5 lot still running.
Eventually i get stopped out at 1.4450. That is $5 x 50 pips = $250
So we made $100 on the first half + $250 on the second half = $350 for the trade BUT we had to make 50 pips to do it
If you let the whole trade run without closing half it would have been $10 x 50 pips = $500
Now who would wanna make $350 when they can make $500?????
Anyway back to my point. If you stop looking to accumalate pips and start focusing on making money you would buy a $100 lot at 1.4400 and close the trade at 1.4405 equalling 5 pips BUT $500.
If you can do that for 20 trading days then you would have made 20 trading days x 5 pips per day = 100 pips x $100 per pip = $10 000.
The good news is that the market offers you more than one oppertunity to make 5 pips per trade.Ignored
Quoting MerlinDislikedshould my current position effect my opinion on the future? and if the answer is no, then how can entires and exits be any different? entry/exit is mear administration work to make my position reflect my opinion.Ignored
DislikedGuys, i have a problem. A big problem in my opinion.
I tend to exit without a good reason and i cant break out of the habbit!Ignored