DislikedI follow exactly what you are saying.
What is "taught" in many places is a mechanical RR system.
Stop loss = 40 pips, target = 120 pips.
Proper analysis of the setup, using "where is price expected to go" might tell you it will make this target. BUT you have properly analysed the setup.
Jim most certainly talks about moving the stop loss to break even quickly.
A trade with no loss goes into the winners column.
He most certainly talks about locking in profits.
A straight RR method is mechanical.
In essence RR works on an odds principle.
In...Ignored
But look, what would you do in a trade like in this chart. I have locked some good profit, I have a little left, it is a free trade now but the GREED kicks in, theoretically I can make a lot of money on the remaining little part. What if it
goes all the way down I have marked 3 PPZ ( I think they are significant PPZ) and there is a BRN.
Now, what would you do? Would you exit on the first PZZ (around 0.7157)?
The faster we are out the more "sure money" we will make! But if we hold for example until next BRN we will make twice as much, lol. Of course if it will reverse tomorrow and take my breakeven there is no problem, but what if it will slide down for days....
This thing is killing me now, oh I am a greedy person I guess...
Just wanted to hear ideas about holding the remaining part...