DislikedHi Flyer
Can I ask why you are so eager to take something off the table so early? While I appreciate that my "ride or die to 100 pips" isnt for everyone, I do think taking around a fifth of the daily range is probably being too previous.
However, if you are still wishing to do it, why not simply put a trailing stop after 25 pips?
Just my 2 cents!Ignored
In the meantime I thought that using a jumping SL instead of a Trailing SL would be more effective. AS an example, if my SL is 40 pips and I jump it to 25 pips when the trade is 25+ then overall i am BE. However, if my SL is 40 pips and I use a trailing SL even from the start then at 25+ pips my SL is now at -15. I will still be down 15 pips if the trade goes against me and it just seems tight at that time as well.
I figured that the jumping SL would give me the best of both worlds until I have more experience with this strategy. I know...wanting my cake and eat it too.
With your strategy and using a SL of say 40 pips and assuming that 100 pips is average winrate you could have say 2.5 losers for every winner and be at BE (which is only a 28.5% winrate). As you stated before the winrate is substantially higher then 28% so it works. It would work for me as well..I just don't have the ability, capability, experience etc to see a trade go from profit to loss and accept it.
Still learning process here.
Zuke, thanks for the ideas. One day I will be at the place you are and perhaps that will also make life easier..no more concerns, worries about losers...just acceptance.