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Favorite method for securing MORE profit.

  • #1
  • First Post: Dec 11, 2009 4:11pm Dec 11, 2009 4:11pm
What is your favorite methods for securing profits above and beyond your initial TP.
Annoying Precision
  • #2
  • Dec 11, 2009 5:09pm Dec 11, 2009 5:09pm
I think there is some EAs out there that can take care of that.
  • #3
  • Dec 11, 2009 5:22pm Dec 11, 2009 5:22pm
Quoting erikte279
What is your favorite methods for securing profits above and beyond your initial TP.
let the ea's do all the stuff and wipe your accs

initially taking 50% off after 1.5x stop size and rest b/e.

or, if market changes im cashing out manually.

really depends.
  • #4
  • Dec 11, 2009 6:01pm Dec 11, 2009 6:01pm
Im looking for 5, 300 pip trades :-). I will get them.
Annoying Precision
  • #5
  • Dec 11, 2009 6:03pm Dec 11, 2009 6:03pm
It may actually stretch out over 5 trades.
Annoying Precision
  • #6
  • Dec 14, 2009 9:59am Dec 14, 2009 9:59am
Quoting Dr.Geppynius
let the ea's do all the stuff and wipe your accs

initially taking 50% off after 1.5x stop size and rest b/e.

or, if market changes im cashing out manually.

really depends.
what does b/e means?
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #7
  • Dec 14, 2009 6:06pm Dec 14, 2009 6:06pm
Quoting Caesar95
what does b/e means?
breakeven
  • #8
  • Dec 14, 2009 6:51pm Dec 14, 2009 6:51pm
Out of 30 attempts. What are the odds using your finest technical analysis that you will make 5 consecutive 300 pip trades with a 100 pip S/L on each.
Annoying Precision
  • #9
  • Dec 14, 2009 7:10pm Dec 14, 2009 7:10pm
Quoting erikte279
What is your favorite methods for securing profits above and beyond your initial TP.
I don't use TP

The exit point is completely discretionary. Next S/R level? Consolidation? PA? half at 1x your SL? I use them all...

Sorry if I didn't help
Many share my views with me. But I don't share them with them...
  • #10
  • Dec 14, 2009 7:12pm Dec 14, 2009 7:12pm
Intuition
Annoying Precision
  • #11
  • Dec 14, 2009 7:20pm Dec 14, 2009 7:20pm
We could say, I take partial TP at 1x my Sl then if price moves steadily through the next S/R level i continue to let the position ride out until it appears to consolidate.
Annoying Precision
  • #12
  • Dec 14, 2009 7:41pm Dec 14, 2009 7:41pm
I used to think the scaling out method was best for profit until I thought about the fact that I do not scale out of a losing trade why should I scale out of a winning trade? To me (not saying that it is actually that way) scaling out of a winning trade is trading scared. Now when I enter a trade I look for a good opportunity to move my stop to break even then let the trade run. I will zoom out on the chart after move my stop to get a better overview of what the markets are doing. I never move my stop after moving it to break even. When you zoom out it is much easier to pick the best time to exit a trade.
  • #13
  • Dec 14, 2009 7:41pm Dec 14, 2009 7:41pm
Quoting erikte279
We could say, I take partial TP at 1x my Sl then if price moves steadily through the next S/R level i continue to let the position ride out until it appears to consolidate.
Well, let's wander...

In a simple way, that I use. What was your ENTRY signal? Bear that in mind. You took 1/2 of the position at 1:1, move your SL to B/E (or not, since you are in a "free ride"). Let the market be. Exit the remaining when you got a contrary signal, ie, a signal that would make you entry to the other side. And go to the other side...

Cheers!

PS: It's just ONE way.... there isn't the RIGHT way...
Many share my views with me. But I don't share them with them...
  • #14
  • Dec 14, 2009 7:44pm Dec 14, 2009 7:44pm
Quoting magnumfreak
I used to think the scaling out method was best for profit until I thought about the fact that I do not scale out of a losing trade why should I scale out of a winning trade? To me (not saying that it is actually that way) scaling out of a winning trade is trading scared. Now when I enter a trade I look for a good opportunity to move my stop to break even then let the trade run. I will zoom out on the chart after move my stop to get a better overview of what the markets are doing....
That's a helluva good point!
Many share my views with me. But I don't share them with them...
  • #15
  • Dec 14, 2009 8:08pm Dec 14, 2009 8:08pm
Thanks for the tips. When I recieve my EA I will share it with you 2 if your interested.
Annoying Precision
  • #16
  • Dec 14, 2009 8:13pm Dec 14, 2009 8:13pm
Quoting erikte279
Out of 30 attempts. What are the odds using your finest technical analysis that you will make 5 consecutive 300 pip trades with a 100 pip S/L on each.
You have the wrong mindset right now man. Take what the market gives you. I remember I used to go for 100 pip trades, 200 pip trades, etc. only to have the market turn back against my position at 50 or so while I'm holding on waiting for that "magic" number and turn into a loss. That happened because I stubbornly wanted to see my numbers hit when in reality, I should have taken my 50 or so when I clearly saw the market moving back against me initially.
I dream, therefore I become.
  • #17
  • Dec 14, 2009 8:32pm Dec 14, 2009 8:32pm
That was just mental ejac. , thats not the plan at this point.
Thanks for posting.
Annoying Precision
  • #18
  • Edited 9:45pm Dec 14, 2009 9:24pm | Edited 9:45pm
Quoting erikte279
What is your favorite methods for securing profits above and beyond your initial TP.
There is a common assumption built into the above question - that being it is better to take some profit, then let some run and/or move up the stop to break even...

How can that assumption be tested?

Everyone has their own method, and mine is not better than anyone else's, (It's just what I am happy with) but for what it's worth I NEVER do an "initial TP" and let the rest run and/or move up the stop. My trades are either "right" or they are "wrong" (incorrect wording here but you know what I mean) - and there is no middle ground for me. I like it that way; others may not, and that's all fine.

My main point here? What are the assumptions in our trading methods and how can they be tested? The notion that it is always better to take some initial profit, move up the stop loss, and let the rest run, is one of the most common untested assumptions I have come across - though of course if it is very well tested then stands up as the way to go in YOUR method then all is good!

From the technical point of view, why dilute a profitable trade by taking profits off the table when it is headed in the right direction anyway??? And from a 'psychological' view a common flow-on from this "initial TP" situation is that it becomes interference in an otherwise good trade, which also leads to molestation of a good trade, which leads to the whole trade being screwed up.. but now I am making an assumption about an assumption about an assumption.. know what I mean? What does the data (tangible and intangible here) tell us about the right way to trade? Mine tells me place a trade with high probability, a designated stop, and a designated profit target.. and accept the outcome - AND do not screw with a trade by taking profits when it is headed in the right direction... until it reaches your 'correct' TP target of course

Cheers
  • #19
  • Dec 14, 2009 10:26pm Dec 14, 2009 10:26pm
Quoting erikte279
What is your favorite methods for securing profits above and beyond your initial TP.
Keeping my day job
  • #20
  • Last Post: Dec 15, 2009 7:29am Dec 15, 2009 7:29am
Im starting to acknowledge that this is definatley the more efficient method whereas previously I was taught to set a static TP and hope that it gets hit, this was a signal service/ education service. I must say that even though he tried to give good advice it usually didnt pan out or perhaps i just didnt "get it" at the time. Thank you for taking your time out to explain this to me, it is much appreciated.

Kindest Regards,
Erik

P.S. Im up 80 pips on the Aud/usd, dont plan on getting out until im told .
Quoting Hedginghog
There is a common assumption built into the above question - that being it is better to take some profit, then let some run and/or move up the stop to break even...

How can that assumption be tested?

Everyone has their own method, and mine is not better than anyone else's, (It's just what I am happy with) but for what it's worth I NEVER do an "initial TP" and let the rest run and/or move up the stop. My trades are either "right" or they are "wrong" (incorrect wording here but you know what I mean) - and there is no middle ground for me....
Annoying Precision
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