Hey there,
there's heaps of posts on trading styles etc but I want to work on my profit taking and I'm keen to see pictures of others trades showing TP, SL, and a short speech on why.
I'll start with my trades today, I opened 4 shorts UJ with bearish move away from flat 50 sma 5min chart, not much to go off I know but I'm going through a bit of a TA is a fallacy phase, and money management is everything. My motto is to max profit whilst minimising risk which as we all know is easier said than done.
I already TP 2 of 4 trades at 113.182 TP of $55 on the 2 trades (each trade 1 lot), now risking $3 on remaining 2, 1 with TP as pic. other open at this stage. I will close last trade depending on PA, trader discretion. I tend to TP too early which throws my RR out. Ideally of my 4 trades I'll try TP 50points 1st trade (I'll use points due to the fact I trade yen as well as EU), 2 trades 100-300 points, and try go for gold of 500 points with last, but I will adjust due to PA, I watch my trades (possibly too closely at times and TP too early). I'll set TP before S/R, or at SMA ( 50/100) or even if it's the end of the hour and I'm getting jumpy.
I have TP 2 trades already as I said and they were only 40point profit at the SMA100 on 5 min chart. That's not inline with above but I've been trading .5 lot recently and today I traded 1 lot/trade so wanted to decrease risk earlier. Yes that throws my RR out I know.
anyway show me your trades !!!
there's heaps of posts on trading styles etc but I want to work on my profit taking and I'm keen to see pictures of others trades showing TP, SL, and a short speech on why.
I'll start with my trades today, I opened 4 shorts UJ with bearish move away from flat 50 sma 5min chart, not much to go off I know but I'm going through a bit of a TA is a fallacy phase, and money management is everything. My motto is to max profit whilst minimising risk which as we all know is easier said than done.
I already TP 2 of 4 trades at 113.182 TP of $55 on the 2 trades (each trade 1 lot), now risking $3 on remaining 2, 1 with TP as pic. other open at this stage. I will close last trade depending on PA, trader discretion. I tend to TP too early which throws my RR out. Ideally of my 4 trades I'll try TP 50points 1st trade (I'll use points due to the fact I trade yen as well as EU), 2 trades 100-300 points, and try go for gold of 500 points with last, but I will adjust due to PA, I watch my trades (possibly too closely at times and TP too early). I'll set TP before S/R, or at SMA ( 50/100) or even if it's the end of the hour and I'm getting jumpy.
I have TP 2 trades already as I said and they were only 40point profit at the SMA100 on 5 min chart. That's not inline with above but I've been trading .5 lot recently and today I traded 1 lot/trade so wanted to decrease risk earlier. Yes that throws my RR out I know.
anyway show me your trades !!!