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
)....took back most of the pips lost on my reckless ride last week. Coupled w/Swissy long and Cable Short (these are my three main pairs and they all had signals at important levels)....and today alone produced 130 pips (on a per lot basis)...Think there was much more scope for moves, but have to admit, I cut trades short b/c I wanted to bank the pips after being irresponsible last week.
