Hi all
With the help of you folk on this Forum I've arrived at a method that has potential, but I need some experienced trader's help in maximising my returns.
I won't bother to explain my method at the moment as the question I need to ask applies to anyone reading this forum, irrespective of their methodology.
The question I need answering is this. When I have a winning trade I still suffer the 'fear' factor and find myself scaling out of trades too soon, or moving the stop loss to BE too early and leaving pips on the table. I know I shouldn't worry about the latter (there's another trade around the corner) but with the strike rate I have at the moment, and have had for some time, I feel I'm missing out somewhere. So any advice (or criticism) is welcomed.
The basic strategy is this:
(1) All trades are based on sell/buy stops, or limits. I very rarely place market orders these days, if ever.
(2) Initial stop is set to 50 pips.
(3) Basic lot size is 5 lots ie 2% risk - (micro account $140 capital)
Is there any way of calculating an optimum way of scaling out of a winning trade, whilst, at the same time maximising the returns. Having come from a horse-race betting background, where I bet using level-stakes only, I'm used to letting the bet run, win or lose.
As Jim, and many others here, favour taking profit early and moving to BE fairly early on in a trade, I think I'm not getting all I could from my trading.
I've attached the stats from the start of this trading year, hoping the figures will give you guys (and gals) the basis to offer advice.
I guess there may be other questions you may have, and I'll try and answer them as they come up.
As a current example I entered long EURJPY 8th Jan at 154.24 with 5 lots - closed 3 lots at 154.70 and another lot at 155.09. Last lot left running with a trailing stop of 35 pips (stopped out at 155.06 - 9th Jan).
Is this simply 'fear' or something else?
Thanks
With the help of you folk on this Forum I've arrived at a method that has potential, but I need some experienced trader's help in maximising my returns.
I won't bother to explain my method at the moment as the question I need to ask applies to anyone reading this forum, irrespective of their methodology.
The question I need answering is this. When I have a winning trade I still suffer the 'fear' factor and find myself scaling out of trades too soon, or moving the stop loss to BE too early and leaving pips on the table. I know I shouldn't worry about the latter (there's another trade around the corner) but with the strike rate I have at the moment, and have had for some time, I feel I'm missing out somewhere. So any advice (or criticism) is welcomed.
The basic strategy is this:
(1) All trades are based on sell/buy stops, or limits. I very rarely place market orders these days, if ever.
(2) Initial stop is set to 50 pips.
(3) Basic lot size is 5 lots ie 2% risk - (micro account $140 capital)
Is there any way of calculating an optimum way of scaling out of a winning trade, whilst, at the same time maximising the returns. Having come from a horse-race betting background, where I bet using level-stakes only, I'm used to letting the bet run, win or lose.
As Jim, and many others here, favour taking profit early and moving to BE fairly early on in a trade, I think I'm not getting all I could from my trading.
I've attached the stats from the start of this trading year, hoping the figures will give you guys (and gals) the basis to offer advice.
I guess there may be other questions you may have, and I'll try and answer them as they come up.
As a current example I entered long EURJPY 8th Jan at 154.24 with 5 lots - closed 3 lots at 154.70 and another lot at 155.09. Last lot left running with a trailing stop of 35 pips (stopped out at 155.06 - 9th Jan).
Is this simply 'fear' or something else?
Thanks
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