help! I'm a loser :(
Submitted by Skyfx on April 22, 2007 - 12:53.
Hi, everyone,
seems to be a nice place to share my desperation...
Forex moves only in 2 ways, right - not too much to think about.. but seems like whichever trade I take I end up losing it. Well, not necessarily right away.. At first I may have some pips in profit, but eventually market turns against me!!!
I set reasonable goals, but I don't want to take few pips per trade, I want it to continue and make some good pips (I've heard this many times: let your profits run...)
How to make it work?
Just want to hear your comments. Thanks.
well, may be you can start posting real time signals and we will do the opposite... lol
:)))
but if seriously I would also like to hear opinions about it.
Set your trailing stop at breakeven as soon as you collect a tiny profit. Say, once have +5 pips, set stop loss to 0. With every +10 pips, move your stop to +5 pips...
I totally agree with Rich that it is important to guard your profits. Moving stop at b/e helped me many times to escape being beaten...
What you can also try is focusing on waves, or simply high/low swings.
For example when trading Long, keep your protective stop just below the previous swing low.
Also if you are familiar with Fibonacci theory you may use Fibonacci retracements levels to guard your profits.
A somewhat similar trouble here:
I'm able to cope with times when a trade goes against me, say 100 pips, even 150, 200 pips... I struggle, but still hold to my position...
But, when I'm in profit I can't wait to get those 100 pips, not to mention 200 pips, I usually close my trade early.
I know I won't get far with such trading.
Please help. I would love to hear any advice!
Try using Pivot Point study. It helps me a lot to tell precisely +-5 pips where the price will have its next turn for the day; and so I set my profit targets with no problems at all.
guys, you probably are all very good at entries... Has anyone tried to think on exit strategy as much time as on entry one?
When there is a signal to enter, there was probably a good time to exit from the opposite trade. So why not implement certain entry rules to signal about exits. What i'm trying to say here is take your entry strategy and use it to exit from the previous trades.
I use trailing stops. Once I have +20 pips I move my stop to breakeven. It works for me very well. I then leave the stop there and focus on getting out of the trade. I don't move Stop from b/e position.
In case market suddenly reverses and hits my stop i noticed it doesn't hurt me at all. What hurts is only being a loser, so I try to avoid it as much as I can.
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