Hi,
I would like to hear others opinions in regards to TakeProfit, please. I'm struggling with this concept of MM and it's driving me crazy, not knowing when to quit.
Let's say you have a strategy, let's say your trading more than one pair, say, five pairs, let's also assume you are now 200 pips in profit, some trades are losing but the other compensate so you are still in profit.
For the sake of discussion, as I'm interested in the TP and not the SL, let's assume you don't use any SL on any trade, once you get signals, you open trades, some win some lose you let them run and you are now in profit.
Overall SL for the entire account is 50% of the equity to preserve some way of surviving, that should be enough for the SL for this discussion, I hope.
What do you do?
Treat the profit as one entity and put a SL on it?
Trail it?
Decide on a level after which you close everything regardless of all the pips you might (or might not) make?
Disregard the overall profit and manage the trades per pair? Even though you might end up closing the winning trades that might have compensate for the losing ones?
I guess it's more of a basket approach versus singular trade approach.
I don't trade baskets, can't seem to be profitable on a C5 offline chart but I have often saw my trades go into profit and didn't know how to manage the profit itself. Following strategy rules left too many pips on the table while the losing trades ate up what little did the winning trades had made, treating the profit as a basket means I have no "known levels" I can compare the "price" (profit) to and see where I should be cautious about letting it run more or bail out.
I'm not trying to discuss strategies, just profit handling. some trades win, some lose, days you are in profits, days you are not. Same as always.
Thanks.
I would like to hear others opinions in regards to TakeProfit, please. I'm struggling with this concept of MM and it's driving me crazy, not knowing when to quit.
Let's say you have a strategy, let's say your trading more than one pair, say, five pairs, let's also assume you are now 200 pips in profit, some trades are losing but the other compensate so you are still in profit.
For the sake of discussion, as I'm interested in the TP and not the SL, let's assume you don't use any SL on any trade, once you get signals, you open trades, some win some lose you let them run and you are now in profit.
Overall SL for the entire account is 50% of the equity to preserve some way of surviving, that should be enough for the SL for this discussion, I hope.
What do you do?
Treat the profit as one entity and put a SL on it?
Trail it?
Decide on a level after which you close everything regardless of all the pips you might (or might not) make?
Disregard the overall profit and manage the trades per pair? Even though you might end up closing the winning trades that might have compensate for the losing ones?
I guess it's more of a basket approach versus singular trade approach.
I don't trade baskets, can't seem to be profitable on a C5 offline chart but I have often saw my trades go into profit and didn't know how to manage the profit itself. Following strategy rules left too many pips on the table while the losing trades ate up what little did the winning trades had made, treating the profit as a basket means I have no "known levels" I can compare the "price" (profit) to and see where I should be cautious about letting it run more or bail out.
I'm not trying to discuss strategies, just profit handling. some trades win, some lose, days you are in profits, days you are not. Same as always.
Thanks.