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Need help determining false breakouts...

  • #21
  • Oct 13, 2007 12:20pm Oct 13, 2007 12:20pm
Quoting Doji Star
Seems we're not the only traders caught up in the old "let your profits run" dilemma.
Check out this post http://www.forexfactory.com/showthre...14630&page=495 look for post#7420
I especially like this bit: "pips aren't real until they are banked"!!
Cheers.
That's why i think i should set limit orders, im very inexperienced and i'd probably panic if i'd let my profits run.


Quoting findcount
don't say that leh........:

i'm not a thread terrorist......sorry anyway.........you're welcome to hijack mine in the future.......
Hah!, im only playing pal, feel free to post, only way we'll learn.
  • #22
  • Last Post: Oct 17, 2007 6:28pm Oct 17, 2007 6:28pm
Ok, here is an idea, when you open a trade set your SL, if the SL is 30 then set a limit order at 60 to take half the profits. This way you will at least come out even in the trade. Go to sleep or out. When that limit order is hit, move the SL to break even and LET THE PROFITS RUN. Noone ever said you have to let the whole thing run. Then as the trade goes in your favor, move the SL up. When you hit some major S/R, close the trade. This is usually where you will be looking for another breakout.
JOHN 3:16
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