I've been trading for quite a few years now but I still struggle with letting my profits run, I have a clear plan before taking a trade and with targets in place, but I still seem to intervene and reduce my gains time and time again, I've looked at adding indicators to signal a change in direction but I still seem to convince myself that closing the trade is the best option.
I've even closed portions of the positions to satisfy my need to take some profit but when I look to lock in my trade for break even I seem to believe that i'm better off taking my profit as it's more likely that i'll be stopped out before it continues further in my direction.
My latest example was taking 3 longs on the gj yesterday between 171.40-50 with a target area of 172.50-173, I sat through it all day holding on around 0-20pips, and despite everything looking favorable during the night I closed between 171.70-90 with price currently now at my original target area, I had £20pp total on the positions but even when I closed to reduce this to just £2pp and 50pips up I still couldn't manage to just lock in this trade and let it go.
I wish I could stop this so please tell me what methods you use to help stay in the trade?
I've even closed portions of the positions to satisfy my need to take some profit but when I look to lock in my trade for break even I seem to believe that i'm better off taking my profit as it's more likely that i'll be stopped out before it continues further in my direction.
My latest example was taking 3 longs on the gj yesterday between 171.40-50 with a target area of 172.50-173, I sat through it all day holding on around 0-20pips, and despite everything looking favorable during the night I closed between 171.70-90 with price currently now at my original target area, I had £20pp total on the positions but even when I closed to reduce this to just £2pp and 50pips up I still couldn't manage to just lock in this trade and let it go.
I wish I could stop this so please tell me what methods you use to help stay in the trade?