Dislikedyeah so i worked on having my edge , but my emotion n a lot other stuffs keep me out of the great trades ... no matter how much i try to suppress them , they keep resurfacing at crucial times ... any suggestion how to work on this creepy problems ? probably a book suggestion ...Ignored
There are certain trade setups that I am confident enough in, to just set a take profit and stop loss and turn off the computer.
But what if the trend would yield 300 pips, rather than the 60 pips, I am targeting.
In order to catch a longer trend, without turning a profitable trade into a losing one, you may move your stop to entry after about 60-70 pips, but I find that if I am in front of the computer while the trade is going on, I am almost guaranteed to take out the whole trade before the trend is over.
So in order to take my emotional self out of the trade, I employ an EA, that will move the stop to breakeven +1 (or whatever amount you are comfortable with) and even close/ scale out of the trade at various levels, say, when your trade is at 60 pips profit, automatically close out half of your order, then move the stop of the other half to breakeven.
The EA attached will automatically move your stops to pre-defined levels, and it will also close out part of your orders at different price points, so you don't have to babysit your trades. I've attached the indicator below.
For details on how to use this expert, you can go to:
http://www.forexfactory.com/showthread.php?t=9553
Attached File(s)
ManageTPv2-4.mq4
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