Do you set a breakeven stoploss? | Forex Factory

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Do you set a breakeven stoploss?

  • #1
  • First Post: Jun 20, 2007 4:25pm Jun 20, 2007 4:25pm
Hi, i'm just curious to know if somebody do what i do, example:

A good setup come, and one take a sell position, place the stoploss at 10-20-30 pips, set takeprofit, and wait to see what happen.

Well, if price go down of 5-10-15 pips, i modify the stoploss, and put it 1pip below the entry price, in this case, if price go against my position, it will be closed in profit of 1pip, if it continue to go down, i don't use trailed stop, but just look for some good point to close it or just let it run untill it reach the target point.

Advantages: it doesn't happen that a winning position become a loosing position!

Disvantages: sometime a good position is closed with only 1 pip profit, and after 5 minutes the price go down of 50 pips, but you are out of the market and don't profit from that move.

What do you think about this "strategy"?
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  • #2
  • Jul 25, 2008 10:47pm Jul 25, 2008 10:47pm
Well,

Keep in mind that I am just a noob, but I like it in that it has a low risk aspect to it and some of those trades will take off. If you are trading with the trend though wouldn't you think it might be good to go ahead with a trailing stop in oder that you might maximize potential profits if it take off for a couple hundred pips or if it could even be part of a larger longer term trend - why not let some of these trades ride...
The way is narrow
  • #3
  • Jul 25, 2008 11:54pm Jul 25, 2008 11:54pm
This is what mostly everyone does, I think.
I see no system here. All I see is buy, and let profit run. Where are the rules?
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  • #4
  • Jul 29, 2008 10:13am Jul 29, 2008 10:13am
The chart he posted is Oanda ... they dont have trailing stops.
  • #5
  • Aug 18, 2008 5:49pm Aug 18, 2008 5:49pm
Quoting tunera
Hi, i'm just curious to know if somebody do what i do, example:

A good setup come, and one take a sell position, place the stoploss at 10-20-30 pips, set takeprofit, and wait to see what happen.

Well, if price go down of 5-10-15 pips, i modify the stoploss, and put it 1pip below the entry price, in this case, if price go against my position, it will be closed in profit of 1pip, if it continue to go down, i don't use trailed stop, but just look for some good point to close it or just let it run untill it reach the target point.

Advantages: it doesn't happen that a winning position become a loosing position!

Disvantages: sometime a good position is closed with only 1 pip profit, and after 5 minutes the price go down of 50 pips, but you are out of the market and don't profit from that move.

What do you think about this "strategy"?
I think you need to use a longer time frame........
Same Whore .... Different Dress
  • #6
  • Sep 4, 2008 11:12pm Sep 4, 2008 11:12pm
While I enjoy watching a trade move in my direction, I find greater pleasure in 'banking' my profits. THAT represents a 'win' and winning is a *good thing*.

Yes, you may leave something on the table. But there will *always* be a Next Big Opportunity.

Let winning trades run, but when it 'feels' right, bank it. Don't second guess yourself, just build up that string of wins and, with it, your confidence.

Just another opinion from the Opinion Factory

Best trading,
MB
  • #7
  • Sep 4, 2008 11:17pm Sep 4, 2008 11:17pm
I accept that I can lose from the minute the trade opens until it closes.... PLUS what good is 1 pip anyway? Something to make you feel good? No thank you.

Quoting tunera
What do you think about this "strategy"?
  • #8
  • Sep 4, 2008 11:19pm Sep 4, 2008 11:19pm
Indeed.

Quoting MerlinBrasil
Just another opinion from the Opinion Factory
  • #9
  • Last Post: Sep 4, 2008 11:44pm Sep 4, 2008 11:44pm
Quoting tunera
Hi, i'm just curious to know if somebody do what i do, example:

A good setup come, and one take a sell position, place the stoploss at 10-20-30 pips, set takeprofit, and wait to see what happen.

Well, if price go down of 5-10-15 pips, i modify the stoploss, and put it 1pip below the entry price, in this case, if price go against my position, it will be closed in profit of 1pip, if it continue to go down, i don't use trailed stop, but just look for some good point to close it or just let it run untill it reach the target point.

Advantages: it doesn't happen that a winning position become a loosing position!

Disvantages: sometime a good position is closed with only 1 pip profit, and after 5 minutes the price go down of 50 pips, but you are out of the market and don't profit from that move.

What do you think about this "strategy"?
Try taking half or a third of the position off at your adjustment point, banking that or using that as a cushion for the stop on the back side of your entry ( will give you a better cusion as the move gets going), once price makes a new s/r level or "X" amount of pips move the stop to B/E or B/E+1.

What you have to get over is the mental feeling that you missed the move if it stops you out and then carries on with the original direction. In fact you made something or at least cut your risk.

Get to the point where it's "just another trade". No big deal there will be another.

fwiw.

I might add, that there's a balancing point where your risk aversion cant exceed what your trying to target and this needs to be part of a larger MM system and incorporated into your trading philosophy.
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