What is my Problem

Eltel1984 · Jun 14, 2009

Hi All

First post on the site.

I have been doing a bit of trading on IG Markets. FTSE, Equities and a little FX and Even Oil.

I have not problem identifing when to get into a trade but I keep Mucking up BIG TIME on closing out!

One Example is the Cable - Brought @ 1.605 got out after 30points! and it went up to 1.65/6. When I am in profit I just want to take it as the I hate the thought of being in profit and that turning into a negative! I then sold Cable @ 1.66 once it hit the previous resistence level but again took the profit way to early and it went down to 1.64! On that trade I adjusted the stop to lock in some profit and got stopped out by 2 points!

As anyone got any tips or advice as i have potentially lost out on potentially 4 times the ampount of profit I have actually made in the last week?

Thanks

Terry

shadowninja · Jun 14, 2009

Fun, isn't it. You need to look for likely targets and resistance levels, then wait to either take a profit or accept the loss.

Igat · Jun 14, 2009

I know exactly what you mean as I have been there. I soon realised the reason why that was is I didn't have the right plan for me. The answer for me was two fold. First I now accept I am not going to squeeze maximum profit from every trade and as my target approaches depending on the trade strategy I use, I leave 20% in the trade and move my stop loss so it doesn't affect the 80% I have grabbed. I don't beat myself up if it continues to go my way as I still have something in it and I accept that this is a numbers game and my risk strategy is much more important than feeling that I missed out on a big trade. One of the most important lessons I have learned from trading is think the big picture when trading.

Splitlink · Jun 14, 2009

Eltel1984 said:
Hi All

First post on the site.

I have been doing a bit of trading on IG Markets. FTSE, Equities and a little FX and Even Oil.

I have not problem identifing when to get into a trade but I keep Mucking up BIG TIME on closing out!

One Example is the Cable - Brought @ 1.605 got out after 30points! and it went up to 1.65/6. When I am in profit I just want to take it as the I hate the thought of being in profit and that turning into a negative! I then sold Cable @ 1.66 once it hit the previous resistence level but again took the profit way to early and it went down to 1.64! On that trade I adjusted the stop to lock in some profit and got stopped out by 2 points!

As anyone got any tips or advice as i have potentially lost out on potentially 4 times the ampount of profit I have actually made in the last week?

Thanks

Terry

Don't worry about it as long as you are building your account. That is the most important, not the one that got away. Don't fall into the trap of increasing stake size in exasperation. Study the reason for your getting the trade right and try to repeat the same.Do not increase stake size until you are sure that you can take a whole run of losses without getting cleaned out. Then SLOWLY increase.

Black Swan · Jun 15, 2009

Eltel1984 said:
Hi All

First post on the site.

I have been doing a bit of trading on IG Markets. FTSE, Equities and a little FX and Even Oil.

I have not problem identifing when to get into a trade but I keep Mucking up BIG TIME on closing out!

One Example is the Cable - Brought @ 1.605 got out after 30points! and it went up to 1.65/6. When I am in profit I just want to take it as the I hate the thought of being in profit and that turning into a negative! I then sold Cable @ 1.66 once it hit the previous resistence level but again took the profit way to early and it went down to 1.64! On that trade I adjusted the stop to lock in some profit and got stopped out by 2 points!

As anyone got any tips or advice as i have potentially lost out on potentially 4 times the ampount of profit I have actually made in the last week?

Thanks

Terry

what signals/indicators are you using to confirm the 'energy' is out of the trend? I really dont get this "I can't close the deal/trade" remarks, its so fookin obvious...

foredog · Jun 15, 2009

Try taking off 1/3 of the trade at 30pts or whatever, then any pullback to stoploss will not be as big a loss as you've banked some small profit to offset the loss of the 2/3.

What is my Problem

Eltel1984

Newbie

shadowninja

Legendary member

Igat

Junior member

Splitlink

Legendary member

Black Swan

foredog

Experienced member

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