Patricia12
Active member
- Messages
- 247
- Likes
- 4
When I face continue lose in forex trading then think about to exit from a trade. I also set my profit and lose goal for each trade as anyone of these two achieve I stop trading.
NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
angelnish
honestly - no disrepect
but why not go to a semi decent website and read about trading a little ....you will learn a lot in a small time and then be able to ask more focused and relevant questions here to us
start with Babypips.com ....its forex based but it will answer a lot of your shotgunned questions We are seeing
N:smart:
honestly - no disrepect
but why not go to a semi decent website and read about trading a little ....you will learn a lot in a small time and then be able to ask more focused and relevant questions here to us
start with Babypips.com ....its forex based but it will answer a lot of your shotgunned questions We are seeing
N:smart:
I agree with NVP, there are different ways to set up your trade depending on what type of trader you may be, do not make the same mistake as I did when i started trading, with a little time spent on reading forex lessons (pipsology google it) then you can determine your SL and TP, 
Enzzo
Active member
- Messages
- 145
- Likes
- 13
Agreeing here with NVP...
but as a quick general clue for your question... you gotta be exiting your trades usually in your take profit if everything goes as planned before, or where the motive for your entry is invalidated and probed wrong if it doesn't go well...... that doesn't always necessarily mean you have to allow your hard SL be hit
N
neil324
If you don't know when price is going to turn then may I suggest you use a predefined mechanical take profit exit.
datamonkey
Member
- Messages
- 51
- Likes
- 1
Asking when to exit a trade is a bit stupid to be honest!
It will depend on so many things such as - your strategy, your tolerances, your risk/reward ratio and market conditions to name a few...
As NVP pointed out above - go and read up on trading, practice and you will answer your own questions.
Good luck..
It will depend on so many things such as - your strategy, your tolerances, your risk/reward ratio and market conditions to name a few...
As NVP pointed out above - go and read up on trading, practice and you will answer your own questions.
Good luck..
Scott Masters
Newbie
- Messages
- 6
- Likes
- 0
don't fret, we all start somewhere. And we've probably all asked 'stupid' questions at some point in our lives, or questions that are better to answer ourselves than ask.
I would suggest some reading material, perhaps the school of pipsology over at babypips. thats a great education resource for trading and its free. Remember, google is your friend, and it very rarely laughs at you regardless of what you ask it
robinbanks
Junior member
- Messages
- 34
- Likes
- 3
can i just say if you don't have a target you should not even be trading with real money. when you start a trade there should be an area where the trade fails (your stop) you only let the market have this if the trade has failed. you need a target and i mean a target that you have precisely worked on as your measured move.
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
All depends how you trade.
Myself before I enter a trade I NEED to know how much am going to risk and my TP is always set which is more than my risk. My exit is either triggered by my TP or by my trailing SL.
I rarely do not follow my rules/guide unless the chart is telling me otherwise.
I hope it helps a bit.
neil
Legendary member
- Messages
- 5,169
- Likes
- 752
In addition to "Babypips" and other sources on T2W, try the James16 website (they have a private forum but you don't need it) -it's a long thread but the content will stand you in good stead. Then, maybe, practice with demo accounts.
james16 Chart Thread @ Forex Factory
Good luck. And "luck" is more likely the harder you work/study.
james16 Chart Thread @ Forex Factory
james16 Chart Thread @ Forex Factory
Good luck. And "luck" is more likely the harder you work/study.
james16 Chart Thread @ Forex Factory
Jack Francisco
Member
- Messages
- 85
- Likes
- 1
Well that stupid questions will help you to improve your trading. All depends how you trade. If you seems you are making consistent losses in Forex, don't hesitate to use Stop loss and take profit.:smart:
NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
theres nothing stupid about your question .......I am just directing you to a place that will start to answer this and the many other questions you rightly will have when entering this business....:smart:
no disrepect ever meant ..we are all Eternal students in this Game
N
NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
In addition to "Babypips" and other sources on T2W, try the James16 website (they have a private forum but you don't need it) -it's a long thread but the content will stand you in good stead. Then, maybe, practice with demo accounts.
james16 Chart Thread @ Forex Factory
Good luck. And "luck" is more likely the harder you work/study.
james16 Chart Thread @ Forex Factory
James is the man ......a great guy who kindly gave me some help and advice a few years back .......alongside a brilliant thread ....and story of his personal success from helping others if you go from the start of it
N
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
theres nothing stupid about your question .......I am just directing you to a place that will start to answer this and the many other questions you rightly will have when entering this business....:smart:
no disrepect ever meant ..we are all Eternal students in this Game
N
Great post. Shows a lot.
Before you open a position, you need to know what are the stop loss level and the take-profit levels. You determine them by estimating the closest significant support and resistance. I always keep the ratio between the SL and TP at least 1:15. The bottom line is that your exit points are determined before you enter a position, otherwise it is gambling.
angelnish - this is the best question in trading and the hardest to answer. I can tell you my current thinking, still developing, don't regard this as the only right answer.
(Please note I am a swing trader and find my average holding period is 3 sessions, including the entry and exit sessions. this applies whether the trade is closed automatically or manually and whether it closes for a profit or a loss.)
Day 1 - Set profit target for half position at r:r = 1:1. so for every £1 I am risking on a position I will bank 50p if price goes into the black. The remainder has a trailing stop.
Day 2 - Close remainder of position as session ends if 1:1.5 or better.
Day 3 - Close remainder of position at 1:1 or better or in any case as session ends.
You will see I am not trying to wring the last £ from any position like the books tell us, I am trying to bank profit early before it goes back into the market (while I was temporarily right) and get out of the market to release resources for the next trade. Maximising r:r is for me at least a vain ambition: I might be right temporarily, but I just can't stay right for long enough to get a 10-bagger.
It's possible this approach will only make sense in markets with a closed period each 24hrs. Please note also I can't screen-watch continuously but have to dip in at midday and in London's last haf-hour.
(Please note I am a swing trader and find my average holding period is 3 sessions, including the entry and exit sessions. this applies whether the trade is closed automatically or manually and whether it closes for a profit or a loss.)
Day 1 - Set profit target for half position at r:r = 1:1. so for every £1 I am risking on a position I will bank 50p if price goes into the black. The remainder has a trailing stop.
Day 2 - Close remainder of position as session ends if 1:1.5 or better.
Day 3 - Close remainder of position at 1:1 or better or in any case as session ends.
You will see I am not trying to wring the last £ from any position like the books tell us, I am trying to bank profit early before it goes back into the market (while I was temporarily right) and get out of the market to release resources for the next trade. Maximising r:r is for me at least a vain ambition: I might be right temporarily, but I just can't stay right for long enough to get a 10-bagger.
It's possible this approach will only make sense in markets with a closed period each 24hrs. Please note also I can't screen-watch continuously but have to dip in at midday and in London's last haf-hour.
NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
jungerns
Established member
- Messages
- 824
- Likes
- 21
Neil
With respect if we are knew when markets were going to turn none of us would be posting on forums like.......
I get numerous email contact from guys running Blogs etc and 9 times out of 10 they are completely wrong in their stance.
Fibonacci retractments Oversold Undersold Tramlines its all pie in the sky as far as I'm concerned because it rarely pans out as predicted and "rarely" will empty your account sharpish.........
In the few years I have been trading I use the old adage any profit is a good profit....
Always works for me.
