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Moving stop loss to break even question.

  • Post #1
  • Quote
  • First Post: Aug 17, 2006 11:15am Aug 17, 2006 11:15am
My first problem is learning to be patient, I get so bored waiting for the trade to move to my target I just have to do something so I click the button and close the trade and then watch my profits get cut by 4/5ths, I will sort this out some how. Don't laugh.

My second problem is maths. I'm with fxsol and I'm trying to figure out how to move the stop loss to break even, but in the middle of the trade I can't seem to add up. Plus I get confused with bid and ask. Can someone please explain this simply.
Quoting minute
My first problem is learning to be patient, I get so bored waiting for the trade to move to my target I just have to do something so I click the button and close the trade and then watch my profits get cut by 4/5ths, I will sort this out some how. Don't laugh.

My second problem is maths. I'm with fxsol and I'm trying to figure out how to move the stop loss to break even, but in the middle of the trade I can't seem to add up. Plus I get confused with bid and ask. Can someone please explain this simply.
The first problem is extremely common. EVERYONE has had this issue at one point and most, although they probably won't admit it, still have this problem. Forget about it, you will rarely achieve maximum profit from any position, so don't go beating yourself up over this one.

With that said, the second portion will actually help you learn to be a little more patient once you learn how to do it.

So...with the GTS platform, on your OPEN ORDERS window (on the TRADING panel) there are a set of buttons on the left side. ONE of those buttons says MANAGE STOPS. click on that puppy. THEN, you need to select the stop order line and click the REPLACE button and then modify your stoploss. Now, in order to figure out what your new stoploss should be, you need to look at the OPEN price in that window. It will tell you what price you opened your order at. Just put that price in the stop box...then click submit.
It's quite common not to be patient. I believe most traders deal with this issue. However, we need to learn to react to the market behaviour properly and sometimes patience is an important issue.

I think MrMikal answered your question. I just want to share my approach to the market. After placing an order if it moves in my favour - let's say 5 to 10 pips - I move the S/L to B/E or B/E + 1 or 2 pips, then when the market moves even more in my favour I move the S/L to B/E+10 pips and then either let it go to hit the Take Profit limit or use a trailing stop to gradually add to my profit. This is a very conservative approach and in many cases because of that I lose 100+ pip profits. On the other hand over 80% of my trades are profitable. I make less but I also lose less. Maybe it's not the best money management approach but I like it. Any ideas how I can enhance it?
keep you SL at +1 and ride your profit the whole day. You might make way less but you may also be able to profit the whole day's movement. Look for retracement after a big swing to exit.

Quoting aparsai
It's quite common not to be patient. I believe most traders deal with this issue. However, we need to learn to react to the market behaviour properly and sometimes patience is an important issue.

I think MrMikal answered your question. I just want to share my approach to the market. After placing an order if it moves in my favour - let's say 5 to 10 pips - I move the S/L to B/E or B/E + 1 or 2 pips, then when the market moves even more in my favour I move the S/L to B/E+10 pips and then either let it go to hit the Take Profit limit or use a trailing stop to gradually add to my profit. This is a very conservative approach and in many cases because of that I lose 100+ pip profits. On the other hand over 80% of my trades are profitable. I make less but I also lose less. Maybe it's not the best money management approach but I like it. Any ideas how I can enhance it?
Sounds like a good approach. I'll give it a try in one of my future trades and if it works I'll keep using it. Thanks.

Quoting nitman
keep you SL at +1 and ride your profit the whole day. You might make way less but you may also be able to profit the whole day's movement. Look for retracement after a big swing to exit.
Or if you get bored and want something to click on, trail your stop at half your open profit.

Example : when 20 pips in profit have stop at 10 pips, when 30 pips in profit move stop to 15 pips etc, it is a good feeling to be banking the pips but leaves room for a retracement to be covered and stay in the trade.

Macca
Money grows on the tree of persistence
Thanks MrMikal for the encouraging words and the simple solution. I was getting way complex about it- probably part of the boredom.

Plus all you other guys came up with some good tips too. I'll try a few and see which one works for me
I have found a partial help to closing my trade early, it is group trading. If you can find someone who trades simular to you then you can help encourage each other to hang in there.
However if they dont trade like you its likely to be even more discouraging.

Luck.
Yes, group trading could be good and bad. I wouldn't mind hooking up with some like minded people from australia over IRC - see how it goes.
  • Post #10
  • Quote
  • Last Post: Sep 27, 2006 9:06am Sep 27, 2006 9:06am
Ok, this works perfectly except during major news release on fxsol your stop does not get honoured - apparently I am lucky I only lost 5 pips.
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