i honestly think the hardest thing to do is let winners run

[Chartsy]

discuss ! i've got better at it though, through pyramiding in the trend and constantly adjusting the stop, it's still hard as hell to do

 

[SanMiguel]

discuss ! i've got better at it though, through pyramiding in the trend and constantly adjusting the stop, it's still hard as hell to do

I thinkk you need to have a bias for the direction.
I will sometimes leave 25% of a trade open if it is in the same direction as my bias for the pair.
Example, trading EU intraday, bias is up. I take some 20pip scalps on the 10m TF but when closing I leave 25% open to run at break even.
It has to be a string trend though - TBH you find a lot of the time that the stop gets hit anyway and then you just think why didn't I just take everything

If you can't do it, you need some tools to help keep you in the trade whether it is a MA or some averaging candles to filter out the noise. Alternatively, just the next SR level.

 

[Chartsy]

i just use highs and lows ...the distance between the preceeding, to determine whether or not a big or small pullback is likely...for example you'll notice as lows get closer a bigger rally is more likely, so a bigger stop too.

yeh sometimes yo'll get that...but look at cable now, bet you wished you kept your longs

 

[advfntrader]

you care too much or are trading too large

 

[oildaytrader]

The technical analysis books never mentioned " market trends 20 % of the time and trending strategies /set ups fail 80 % of the time, hence you as a trader will fail trying to run profits in 80% of failed trends,Another thing is authors and mentors never trade for a living, they sell snake oil or books on snake oil"

 

[meanreversion]

Surely if you have a system and stick to it, and the system is trend following, then you just follow your rules and running winners is no less difficult or easy than anything else?

 

[wackypete2]

Surely if you have a system and stick to it, and the system is trend following, then you just follow your rules and running winners is no less difficult or easy than anything else?

The sticking to your rules part is what's difficult. Emotions get the better of you.

Peter

 

[SanMiguel]

The sticking to your rules part is what's difficult. Emotions get the better of you.

Peter

Run your money management with a computer program...
I do it with some of my long term trades - of course there's nothing to stop me from buttin in in the middle of a trade and closing it but for the most part I let the computer run "systems".
It's the day trading where more thought is needed that you have to trade like a robot and are subject to closing trades too early.

 

[wackypete2]

It's the day trading where more thought is needed that you have to trade like a robot and are subject to closing trades too early.

So true. The more time you spend watching the trade the more likely you are going to lose your discipline. I have used my own money management ea's even when daytrading to close trades at decent levels. This way I don't have to stare at the computer every minute or set canned profit targets.

Peter

 

[Sang Froid]

I hear ya, I can so very easily sit and watch the price take out my S/L without moving it one pip, yet as soon as I'm halfway upto my T/P level I want to close out. I find not watching and walking away once a trade is filled helps.... I now smoke a hell of a lot of cigarettes because of this

 

[doobs]

All I know is that when i set take profit levels, (if) it gets hit and the price just keeps going and going, and its like '*******'. Then I try going to b/e and letting them run and what d'ya know, I'm taken out at b/e, and it's like 'you *******'. So then i leave the stop alone to give the trades some real breathing space and the little fekers go into half decent profit and whip round and take me out for a loss.

Then I get like real fekin mad ......

 

[Rooster34]

Chartsy it's a toss up for me. Letting winners run puts alot of negative pressure on me. I get nervous, conversely, letting a dip play out and turn around is impossible for me too. It's so different than papertrading or demo account. People who haven't been whipsawed in real life with real money just can't understand.
Those two flaws keep me out of profit.

 

[Chartsy]

you can scale out some as price flies up, so that the pullback doesn't clean you totally out

 

[oildaytrader]

you can scale out some as price flies up, so that the pullback doesn't clean you totally out

My best trades are small take profit targets of 10 pips maximum, a 20 pip stop with quick exit rule, usually a big position size , along a confirmed major trend and the highest probability slice of the trend.This problem of letting profits run does not arise.

 

[bedsit]

At the moment a bit difficult to run profit for too long for FX day traders.

In better market conditions I would move stops below higher low (for a long) or above lower high (for a short) and also if the price is at least +30 pips in my direction I would move stop and go for a free trade.
Must say about the last one (free trade) – last few days 30 pips vanished into thin air more often than not – a bit disheartening. So for the time being I just take whatever reasonable profit is available (20-30 pips)

 

[wackypete2]

At the moment a bit difficult to run profit for too long for FX day traders.

In better market conditions I would move stops below higher low (for a long) or above lower high (for a short) and also if the price is at least +30 pips in my direction I would move stop and go for a free trade.
Must say about the last one (free trade) – last few days 30 pips vanished into thin air more often than not – a bit disheartening. So for the time being I just take whatever reasonable profit is available (20-30 pips)

Good Post.
Perfect example of how traders adjust to changing market conditions.

Peter

 

[bangkoker]

I think sometimes you have to be comfortable with taking a certain number of pips/points and get in and out quickly.

Other times I like to trail a stop, obviously a lot of times you will be taken out by a retrace but others it will run further than you imagined. Isn't life about compromises?

 

[Chartsy]

im talking swing trading though, H4 chart, i've found had i let winners run i would've done much better....

 

[bangkoker]

im talking swing trading though, H4 chart, i've found had i let winners run i would've done much better....

Bit different on bigger timeframe I suppose but inevitably there must be a trade off?

You either close as you are happy with the level achieved or

Because there is an obstacle in the way, resistance, support, whole numbers blah blah or

you somehow trail at either a predetermined distance, certain key levels, or previous candle etc..but ultimately then if you are stopped it will be a backwards step.

I struggle with the very same thing, it is hard to know what to do for the best, which I suppose is where a plan needs to come into effect in an advance

 

[Chartsy]

honestly i constantly adjust my stop, i don't have an X pips trailing stop, it's based of the agressiveness of the highs and lows really...if a market flies up and im long...i scale out some but keep the majority...add to it on the dips.

we will always lose on a trend change, but may as well reduce the chances of that