If you move your stops to BE too quickly, you're trading to NOT LOSE, instead of trading to win.
Just thought I'd pass that on.
Just thought I'd pass that on.
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Query: Moving Stops to Breakeven 89 replies
DislikedOnce price moves away from my entry I take a portion that will pay for my stop that is positioned behind the last support level, once price makes a new higher/lower level in my direction the remainder is brought to entry and the remaining average is not allowed to go negative.
If that's trading not to lose it's ok by me, the risk is really the only thing I can control.Ignored
DislikedVery well said, also I have never found a system that would give better results when some kind of "sl to be" is added to the rules.Ignored
DislikedOnce price moves away from my entry I take a portion that will pay for my stop that is positioned behind the last support level, once price makes a new higher/lower level in my direction the remainder is brought to entry and the remaining average is not allowed to go negative.
If that's trading not to lose it's ok by me, the risk is really the only thing I can control.Ignored
DislikedWhat you are basically doing is trading two systems simultaneously - one that is your original and one (with the same size) that uses 1:1 rr (adjusted to hh/ll you mentioned) with the sl and open that are the same as with your original trades. It's quite easy to see if that helps or not, just simulate/do a manual backtest for just that 1:1 rr system and you'll see what it does to your total results.
(this doesn't cover psychological aspects of course)Ignored
Dislikedbecause to markets as well as one's system, the BE level is not different from any other price level.Ignored
DislikedHi Auxesis!
You are absolutely correct, I think this is definitely one of the best way to "change SL to BE" Assuming you took profit but left the rest with the original SL (to give it some room)...
But do you target profits like target 1, target 2, target 3 also?
I feel that every time I am positioned right target 2 should be add on and not profit taking...Ignored
DislikedLarseg,
I'm a little unorthodox compared to the norm in trading, so to say I define a static target for each trade wouldn't describe it very well....Ignored
DislikedHi Auxesis!
You are absolutely correct, I think this is definitely one of the best way to "change SL to BE" Assuming you took profit but left the rest with the original SL (to give it some room)...
But do you target profits like target 1, target 2, target 3 also?
I feel that every time I am positioned right target 2 should be add on and not profit taking...Ignored
DislikedI admire your skills and I wish I could trade like that, unfortunately I am to emotionally evolved and have to take pure Set & forget signals.
But in my trading setups I have some specific times I can come back and take a small profit out instead of changing the SL if the price is right.Ignored
DislikedYes must give the trade some room before moving stop to b/e. B/e in place once the trade has moved further towards my goal, the main point is to let it run to maximize profit with no risk.Ignored
DislikedYou can def. trail the trade, however i keep it as simple and use timed exits.Ignored
DislikedOk fine, I'll bite. Timed exits, thats great, but based on what? Are all trades given the exact same time to be profitable? Like one hour, one day, one whatever? I'm not saying you are wrong (or right for that matter) just trying to understand a concept you have put forth. My question comes without malice - I'm just trying to understand another point of view. . .Ignored