Opinions bouncing against each other like a religion.
You need to trade YOUR way of trading. Both approaches have their reasons, and if it's only the personal temperament.
I tried to combine the two (+10 pips and +100 pips) by splitting my trade size by three. Yes, it has been said already, I know... by taking my profits partly I reduce the total profit, but thats how I like it.
I exit my 1st 1/3 of my lot size at +20 and move my initial 30 SL to +1. The second TP is +40 for the 2nd 1/3 and my SL is moved to +20. The 3rd TP is +60.
That gives me an average cleaned pip profit per trade of about 15-30 pips per trade.
price never hits +20 and goes back=-30
price goes to +20 and then back down: +20 +1 +1 (22/3)=+7
price goes to +40 and then back down: +20 +40 +20 (80/3)=+27
price goes to +60: +20 +40 +60 (120/3)=+40
For the slow pairs (EUR/USD) is set the TPs to +15 +30 +50 with SL at -25
I might miss on big moves, but I very rarely hit my SL of -30. Most trades go at least to +20... and I'm safe for the rest of the trade. And this gives me a huge security and self confidence, and I'm not watching my trade for hours being scared of reversals.
Just my 2 pips worthIgnored
I attended this webinar a few weeks ago in which the pro said something i still struggle with. He said the following:
a) You enter say a buy trade after you got your signal. You buy 1 lot say at 1.4200. You put your stop loss at 1.4180.
b) As soon as price moves up to 1.4220 you adjust your stop loss to 1.4200 (breakeven) and you buy another lot at 1.4220 with a stop loss at 1.4200.
c) As soon as price moves up to 1.4240 you adjust your stop loss from the first lot a) to 1.4220 (now you have 20 pips profit no matter what happens). You adjust your stop loss from b) to 1.4220 (breakeven) and you buy another lot at 1.4240 with a stop loss at 1.4220.
d) As soon as price goes up to 1.4260 you adjust your stop from a) to 1.4240 (40 pip profit no matter what happens). You adjust your stop loss from b) to 1.4220 (20 pips profit no matter what happens). You adjust your stop loss from c) to 1.4240 (breakeven).
Now you just let your trades run their course. If your stop losses get hit you walk away with a) 40 pips, b) 20 pips, c) breakeven or better
Has anyone ever tried this and if so did it work?
Damn i just got a headache from trying to remember all this logic while typing...trying not to mess it up....imagine me trying to trade this....lol