Hi Everybody! Maybe sometimes you heard this: “Let your profits run” …Is ok with who’s trying to follow the trend (the trend is your friend). I never follow the trend and not try to catch only trades in the direction of the trend. Anyway; I illustrate how sometimes let my profits run. To be honest I apply this few times in the year. Let’s watch the chart below.
Ok… I enter a position yesterday, so, today can be closed because my limit order was hit…
But I move my limit order far below (trying this one not be hit), and try to close this position with my stop loss.
How can do it?
First, I have a descent entry and move my stop loss to break even. 0 pips of profit 0 pips of loss and follow my position with every 50 pips.
So, at this time the price is 1.0065 my stop: 1.0115 and I playing Rubik cube now, just waiting.
When I planned close my position?
In my opinion the double of pips of my initial limit order. If I have my limit of 50 pips of profit, then seek to gain100 pips. You can obtain more, but the majority of the time in my experience I loss part of my profits trying to obtain unrealistic targets. Hope this was helpful. “Sayonara”
But I move my limit order far below (trying this one not be hit), and try to close this position with my stop loss.
How can do it?
First, I have a descent entry and move my stop loss to break even. 0 pips of profit 0 pips of loss and follow my position with every 50 pips.
So, at this time the price is 1.0065 my stop: 1.0115 and I playing Rubik cube now, just waiting.
When I planned close my position?
In my opinion the double of pips of my initial limit order. If I have my limit of 50 pips of profit, then seek to gain100 pips. You can obtain more, but the majority of the time in my experience I loss part of my profits trying to obtain unrealistic targets. Hope this was helpful. “Sayonara”
