As a novice I find exits rather tricky. I was wondering if members would mind explaining what ext strategies they use.
Thanks,
John
Thanks,
John
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DislikedNEWBIE MISTAKE
my plan was a scalp on M5 (looking the market today) with a clear target.
but, because of my greed, i decided, when i was in the trade, to let it run
result : BE hit !!
I still have to learn..
This is to show to the newbies that we have to stick to the rules and follow the plan (good traders here said it millions times) !!!
Peace
dom
ps: really sorry if i disturb anyone with my M5 chart, if it is the case, please forget my post..Ignored
DislikedAU 15m Chart
I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.
This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.Ignored
Dislikedhey Borisviven
What are the rules for your entry
are u not using TDI
I have looked at the M15 chart .i dont see a thing.
Plz can u explainIgnored
DislikedYou should have taken a partial profit at around +15. Below was the low of Asia and of the previous day so not easy to break.
I've entered pretty much at the same time but took partial profit before BE was hit.Ignored
DislikedAU 15m Chart
I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.
This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.Ignored
DislikedHi ET
Just a small question
You stated that you exit a trade when your protective stop gets hits
Is that something that you will ALWAYS do when exiting i.e. one of the ways of "Letting the Profits Run" as much as possible
To me, it seems a better way of exiting by bringing up the SL close to the price, than just hitting a TP
In a way it is like getting another crack at the whip before the trade ends especially if your winning open trade gets near to a major news announcement
Thanks for all your help everyone here , it is quality reading...Ignored
DislikedAU 15m Chart
I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.
This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.Ignored
Dislikedmy yesterday AU
I was confident to let it run because the price formed new LH/LL
I closed on daily 50ema
I think it was risky...perhaps newbie luck ?
Please excuse me if my trades (and explanations) are not very smart but i have not found my exact trading style yet...
Peace
domIgnored
DislikedHi winner1245,
The way i see the market this morning, based on price action:
on H1 i saw overlapping candles (pic attached) that's show me a lot of indecision,
so i decided not to trade M15 (that is for trending conditions) but M5.
M5 allow faster entries and exits and it's more safe when I don't know where the price will go...
So, on M5 there was overbought conditions, i just jumped in when the TDI cross with clear target (post 18131).
Vantage, Jord, i know you are here today, please correct me if my way of seeing the market is wrong......Ignored
DislikedHi Dom,
I've started to follow Emmanuel advice by marking the OHLC of both the previous day and week on my charts. This gives added confluence to take a trade and also gives good target levels.
If you do that you will notice that yesterdays low coincided with last weeks low point also this would give a good target level for the trade you where in. From there you can see price re-traced to last weeks open level before giving further PA to enter short.
All I'm saying is it's better to exit a trade with profit than let it turn around and take you...Ignored
DislikedAU 15m Chart
I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.
This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.Ignored
Disliked[b] [font=Arial][size=3]A few winning trades often misleads amateur traders into thinking they are ‘onto something’. But what usually happens is they hit a big winner and then they give it all right back, and usually more. This cycle of winning here and there and then giving all your gains back, works to keep traders in a cycle of gambling in blind hope, and it slowly depletes their accounts until their gone. Humans are wired to fall prey to this trap of randomly distributed rewards. What happens is once we hit a few winners via luck, we sort of...Ignored
DislikedShorted GU. Initial stop 6pips. TP 40pips @ 1.62. but could close manually before then depending on PA.(RED NEWS IN AN HOUR)Ignored