I can see that a few of you moved the stop to BE, because you know from other FF threads, that this can be a really good way to preserve your capital.
The biggest problem with this for beginners is that they move the stop to BE before TP 1x, or a little too early because they don't want to lose any profits.
I often hear the phrase " Don't let your winners turn into losers, or don't let your profits disappear". This is said by many FF 'leaders'. To me that's like saying don't ever lose 1 pip in a trade. Reading just that phrase will probably mess you up, because in this type of strategy, down by 50 pips or 100 pips isn't that alarming. Plus everyone has to realize that if you were to follow the rule of never letting profits drop, you may as well trade in a market that moves 100% in one way. Plus this isn't a scalping strategy, which means that we can relax, in a sense.
If you have tested the BE approach and the normal approach and find that moving stops to BE is more profitable then its a good idea to use this method. If you have not tested, and are assuming that it is the best way, then your going to be at a loss. GBP/JPY is a volatile pair, and can stop out BE approaches before the real move actually happens. I have not tested the BE approach.
To the ones using it, is it more profitable? When is it best to place these orders?
The biggest problem with this for beginners is that they move the stop to BE before TP 1x, or a little too early because they don't want to lose any profits.
I often hear the phrase " Don't let your winners turn into losers, or don't let your profits disappear". This is said by many FF 'leaders'. To me that's like saying don't ever lose 1 pip in a trade. Reading just that phrase will probably mess you up, because in this type of strategy, down by 50 pips or 100 pips isn't that alarming. Plus everyone has to realize that if you were to follow the rule of never letting profits drop, you may as well trade in a market that moves 100% in one way. Plus this isn't a scalping strategy, which means that we can relax, in a sense.
If you have tested the BE approach and the normal approach and find that moving stops to BE is more profitable then its a good idea to use this method. If you have not tested, and are assuming that it is the best way, then your going to be at a loss. GBP/JPY is a volatile pair, and can stop out BE approaches before the real move actually happens. I have not tested the BE approach.
To the ones using it, is it more profitable? When is it best to place these orders?