Take Profit advice needed

afrausin · Oct 21, 2008

Hey everyone...
Since I started trading I've been getting into every trade perfectly, risking very few PIPs per trade and making good profits at the beginning. However, I am never able to get out of the trade soon enough to take profits and end always end up losing when the price hits my Stop Loss.
Has anybody else experienced the same problem when they first started trading?
How did you overcome this problem?
Any advice?
Thank you in advance,
Augusto

wasp · Oct 21, 2008

Learn the actions behind every tick until you know when it has finished its move... Its all there between OHLC

afrausin · Oct 21, 2008

wasp said:
Learn the actions behind every tick until you know when it has finished its move... Its all there between OHLC

Could you explain in more detail?
Would you be able to give me an example?

Are you talking about studying the momentum of the price?

wasp · Oct 21, 2008

afrausin said:
Could you explain in more detail?
Would you be able to give me an example?

Are you talking about studying the momentum of the price?

Every tick is an auction between buyers and sellers and practise will help you see the action and, more importantly, who is winning. There is no example as every tick is like a snowflake but with enough practise it will become clear.

Don't look for a 'do this here' and 'do this there', understand why and the where will become obvious. Unfortunately, it is something that will only come through hours, days, weeks, months of watching price but when it comes, you'll be a better trader for it.

Not what you wanted to hear probably but I'm sure plenty here can give you a 'sell when X... though'.

afrausin · Oct 21, 2008

wasp said:
Every tick is an auction between buyers and sellers and practise will help you see the action and, more importantly, who is winning. There is no example as every tick is like a snowflake but with enough practise it will become clear.

Don't look for a 'do this here' and 'do this there', understand why and the where will become obvious. Unfortunately, it is something that will only come through hours, days, weeks, months of watching price but when it comes, you'll be a better trader for it.

Not what you wanted to hear probably but I'm sure plenty here can give you a 'sell when X... though'.

M... I'm not sure I understood exactly what you are saying, but I'll definitely keep that in mind!
Thank you very much for your quick replies,
Augusto

£10kLoser · Oct 21, 2008

Why don't you just put in a suitably low limit (take profit) to close the trade for you instead of holding out for what is proving to be unrealistic gains?

Take Profit advice needed

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