Richard... you make perfect sense... my provlem is I am not that strong in my entries, and I am afraid to lose when I see some profit...
better entries, thats I guess the most important thing...:-)
elmer
better entries, thats I guess the most important thing...:-)
elmer
DislikedI know there have been some suggestions regarding this question. I think the first thing should be that the stop should be less than or at least the same as the first TP, even by just a few pips.
How about this? Keep all the numbers the same except instead of 2 lots trade three. When the first TP is hit, take 2 lots instead of one. If the won/lost ratio is still 60%, let's assume that 5 of the 6 winners return to break even and are stopped out, and the other one keeps going and limits @ +50. Here are the numbers out of 10 trades:
4 losses----- 25 pips x 3 lots= 300pips
5 winners----- 30 pips x 2 lots= 300 pips
1 winner------ 30 pips x 2 lots + 50 x 1 lot = 110 pips
Total take for 10 trades = 110 pips
What do you think? These are just numbers pulled out of space, but I think you get the idea. I was having the same problem, pulling some of my profits, then getting stopped out break even. Three things are helping. The first is, I'm starting to make better entries; second, I'm trying to hang on till the stop is completely covered before taking first profit; and third, trading more than 2 lots, taking more than half at first profit.
I hope this helps and if my numbers are off or if there is some criticism, let me know.
RichardIgnored