Disliked........and out of the personalities i'd say "discipline" counts greatest. Have you ever made correct call and put the TP 100pips down (if its bearish). At 20 pips you get too excited and close the position ... only for it race past where your TP was 15 minutes ago?? That was me last week. Looking at the chart and saying this would have been 150pips green if I hadnt panicked and cashed in too early.Ignored
A price at High, people start selling at the daily high, it will most often or not, reaches the centre boilinger band of the min 15 or minimum min 5, then rebounded back [ often known as bear or bull trap] before going down. This happened about 2-3 times ytd on euro/usd as well 1.2585 down to 1.2565, then up again then down again. Imagine if you shoot a few times tp, until the bull is exhausted, the last one from 1.2575 into 1.2520, up an down you already profited more than 100 pips?
This may sound untrue, but i normally collect more than 100 pips daily trading such way, i don't trade a single direction, that happens on fundamental calls where its one sided like on Thursday. Thursday the price pull up to 1.2695 then plunges to 1.2675 then down to 1.2660 before rebounced back to 1.2685 then down again into 1.2650-1.2620. 1.2570 etc.
You wait an entire day, you may farm nothing. Its better to bank in some pips, or minimum secure a BE trade. Even if your BE get eaten its OK! You can re-enter at another price, i rather get nothing then to hold a positive trade into a negative one.
Anyway, i am trying on a tool, myfx heard of it? It allows me to modify my position.
for example, if i have 1.0 lot on a 100 pips run down in profit yet taken tp. I can choose between 25-50-75% TP. If i choose 50% take profit, i would bank in 500 dollar, and my lot become 0.5 to continue the run down, that way i have a peace of mind at least the whole day i don't trade for nothing. A normal MT4 i can't do it, or is there such an EA? Myfx allows me to modify and even have 1-2pip quick tp that my broker don't allow.
