DislikedAnd so, my fears were well founded! That didn't go very well. Despite all that i wrote above, about discipline, i was determined to hold the short trade. I found that i couldn't and banked an initial 30 pips on the GbpJpy, only to give back 20 of those in a couple of bad trades. I also oversaw a 23 pip gain on the EurGbp turn into a +1 stop out. That's pretty poor going to be fair. My daily total was available only for me to waste it away. There is an ongoing discussion elsewhere about daily targets being a good or bad thing. Some traders like to...Ignored
Giving back profit seems to be an issue when you trade 1 and 5 minute charts. You really need a high win rate on smaller TF charts, like >75% because most traders take a 1:1 risk reward or less. The other issue when trading smaller TF charts is the frequency you will get a 50 pip plus runner is very small. So the question is do you have the discipline to take many BE or losing trades before you hit that one home run?
I must say I'm with you as I still struggle with the question of "when do I take profit". There are some threads of FF that set targets of 5 pips and that sounds great and even doable until you try it. Again, this type of trading might be for you if you are a consistent trader with a win rate of 75% or greater.
I know this post doesn't answer any questions..but hopefully it raises a few questions in your mind about what type of trader you are and is trading a short TF chart for you.