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

Chartsy

Experienced member
1,129 82
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

Experienced member
1,135 25
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

Experienced member
1,129 82
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 :)
 

oildaytrader

Senior member
2,806 125
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

Senior member
3,398 535
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

Legendary member
10,210 2,045
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

Experienced member
1,135 25
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

Legendary member
10,210 2,045
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

Well-known member
340 59
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 :eek:
 

doobs

Junior member
36 3
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 ......:mad:
 
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Rooster34

Well-known member
332 66
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

Experienced member
1,129 82
you can scale out some as price flies up, so that the pullback doesn't clean you totally out
 

oildaytrader

Senior member
2,806 125
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

Experienced member
1,794 165
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)
 

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