Patience

Patience when will I learn this nasty little p word. I get into profit and then I my profit starts to drop and I jump out after 5 to 10 pip only to watch it a few minutes later take off. Ugh Ugh!!!

Move your stop to breakeven once you get into profit, this is the best but the hardest way.

You might want to read this great thread

http://www.forexfactory.com/forexfor...ead.php?t=2609

Thanks,

Nader

Set your stop, limit and turn off your computer. Go out and catch a movie, hang with the wifey/g-friend, play with the dog or go for a walk. If you aren't watching it you can't intercede and will let the trade run it's course.

Setting of the stop and or moving it to B/E, depends on your system and risk / reward situation. There cannot be a global solution for all systems.

There is little point in moving your stop to B/E just because you are in profit, as you will keep getting stopped out by the volitility. If you are risking say 15 pips and moving your stop to B/E at say +2 or +3, you are effectivly risking 15 to get stopped put for zero, save the very occasional trade which shots forward ( and does not hit the stop whch is just 2/3 pips away).

If you enter of a support level, best to leave your stop. at least a few pips, outside of that level, which is better value than at B/E which is likley to be retested. Then move your stop after the first retrace to just below that retrace after a new high (for long) is made.

If you take the wife (or the girlfriend if the wife is not available) to the cinema, you will not be able to manage your trade, unless your system is longer time frame and it does not need intraday management.

I would suggest the key is to plan your trade before entry and stick to those plans, unless extreme circumstances, during it. Write a list of what are your extreme circumstances and stick it on the wall !

Sure patience is the right word ..... But closing a trade and watching it developing in the right direction is very very frustrating.

If it can help you part of my strategy is as follow:

- When Price start to move in my direction after 10 to 15 point I place a stop at 1 or 2 points.

- If my 1 point stop gets hit but price still does not reverse and tend to go on in my initial guess of the direction I enter again ( OK it is frustrating you usually loose 3 to 5 points sometimes more but this is the game !)

- I never never never put any loosing stops ! (this is probably against all rules or advises you can get, but believe me this is the way I make money and probably my golden rule !)

….. plenty more to discuss.
We all have different strategies because we all have a different psychology….

how after you do that. is a change in your life friend?

Of course, it is quite difficult for every trader to withstand such pressure, because you are literally on the edge that divides your profit and your failure. And yes, it is certainly exciting, but I will honestly tell you that over time such difficult situations will happen less and less often and you will learn to overcome them. At least that's how it happened to all my friends. But that's the lyrics. In fact, yes, work out some ritual for yourself, so you can get a little distracted and in no way regret if you lose because of the fact that you did not close the position. There will be situations like this, out of spite. But what I can say is that it's the market and it's testing us for strength. But it still attracts much more than any other business!

I do as a few people on this thread have advised. I move my stop loss to break even once price action has impulsed away from my entry. I find this good for my psychology. I also forecast on all of my shortlisted currency pairs using the 'Bars Pattern' tool on TradingView. I find that this reduces any confusion I might be experiencing and if something unexpected happens then I use the tool again to re-forecast.

I think the above helps to ensure that I cut my losses and not my profits and I'm sure that it's also in part responsible for the fact that I'm currently involved in my most profitable trade ever. Which as I type has turned the 1% of my account which I risked on it into a 28.9% profit.

Patience as you suggest is definitely king!

Of course, it is quite difficult for every trader to withstand such pressure, because you are literally on the edge that divides your profit and your failure. And yes, it is certainly exciting, but I will honestly tell you that over time such difficult situations will happen less and less often and you will learn to overcome them. At least that's how it happened to all my friends. But that's the lyrics. In fact, yes, work out some ritual for yourself, so you can get a little distracted and in no way regret if you lose because of the fact that you did not close the position. There will be situations like this, out of spite. But what I can say is that it's the market and it's testing us for strength. But it still attracts much more than any other business!

Typical example of a retail forex snake oil seller..... go visit his posts to understand how these paid affiliate dummies work.
Lying the whole long day to lure in new victims.

Retail forex is a negative sum game for losers.