Letting winners run

It seems that I am confident in my trading signals, however, when I get up say 20 pips I am constantly fearful of a pullback. I know that pullbacks are expected and are healthy for our trades, but I still am constantly taking profits way too early. Any suggestions? thank you.

Hello Forexpcb,

I don't know how much trading experiance you have or what kind of strategy you use but fear can be killed by backtesting, looking past charts and knowledge how your strategy acts in certain market conditions,time of day,time of the week,month and so on....

If you aren't confident in your system and know edge,move to demo account or simulator and stick to your paper plan to see all kind of situations of your strategy can bring you (choopy markets,trend,range markets,news periods)...

Another good thing is to look higher timeframes to support your confidence and let trade to do the proper work without fear...

If you cut your winners early you will cut few pips more each time and you will find yourself in situations that RRR is awfull or you will constantly loosing,and thats a preety bad thing,because you than search for another strategy without realising that it isn't strategy but trader who is bad....

Another good things is to put your sl tp according to trading plan and simply remove from computer,leave market to do what needs to be done without babysitting trade...

Hope it helps,

Regards!

Very good advice. thanks so much.

maybe adopting your take profit and stop loss level might help you to eliminate the fear of trading, trading experience does counted too. Hope that's help.

Take profit on half your lot at 20 (or so) and +1 stop on the remaining half. Close the last half if in profit before major news events such as nfp, ecb, cpi ect... You will be amazed at what this will do to your profits.

I'll toss in my 2 cents.. and say that maybe 20 pips is a comfort zone.. if you feel you are taking 20 pips more then you are losing and walking forward then its a level you are comfortable with, looking at the market and always wondering if their will be more is like poison. Reason for that being is that "quench" for more grows with each trade and you'd be like well is 30 to short is 40 is 50 etc.. I think personally its all about commitment and seeing it through. In the end pips really don't matter that much because value is attained from lot size so you can make a killing with 20 pips as well as 200 pips.. so trying to go for "more" is not always going for "more"