My method of trading involves always taking profit at 1R accept for rare occasions (1 in 10) where i may stay in the market longer if there are very good reasons to. Even then i would always scale out and take profit fairly soon.
But for the sake of this thread lets just assume i always take profit at 1R. So its basically a win or lose system but there a a few situations where i will move to BE as well but that is irrelevant here.
I would like to know if any long term profitable traders use a system where they always or mostly take profit at 1R and what the pro's and con's of doing this are. I would also like to hear peoples thoughts about the chances of long term success while trading like this.
Not that it matters but so far i have been able to achieve a 70% win ratio risking 1% and trading 2-5 times a week.
I just want to add that it should be a given that anyone trading this way would be using the proper money management rules such as only risking 1% per trade (of course i realise that your win/loss ratio would be a large part of this as well).
But for the sake of this thread lets just assume i always take profit at 1R. So its basically a win or lose system but there a a few situations where i will move to BE as well but that is irrelevant here.
I would like to know if any long term profitable traders use a system where they always or mostly take profit at 1R and what the pro's and con's of doing this are. I would also like to hear peoples thoughts about the chances of long term success while trading like this.
Not that it matters but so far i have been able to achieve a 70% win ratio risking 1% and trading 2-5 times a week.
I just want to add that it should be a given that anyone trading this way would be using the proper money management rules such as only risking 1% per trade (of course i realise that your win/loss ratio would be a large part of this as well).