[coffeemug]

Originally Posted by mike6nov

Wrong again! Actually, i could have gotten out of the trade for a profit of about +6 pips if I had been fast enough, but I let it ride and hit my stop for -10. I've heard people talk in this string about sometimes only making a few pips in certain trades. How do you know when to close it and take those few pips of profit? Do you sort of trail an imaginary stop on a 2 minute chart? I'm confused because others people post charts up showing that they have ignored exit signals (under the rules) and go on to make even more pips. Is it just experience that tells you when to close and when to stay in? I seem too slow to exit trades at the moment and end up losing out on profit. I know this isn't "greed", it's more like the cable example I've just been talking about... Would love some advice on this.

Cheers
Michael

I had similar problems like yours, and i got over it by:

• Trailing stop, it is my opinion the best way to do this, but alas, oanda does not have one So I usually setting targets for my profit, say 10 pips a trade, so i put a take profit at 10 pips from entry, when it hits, the trade automatically closed. I know this way will seems like exiting too early, but I am the kinds that "secure the profit first, regret it" later kinda guy. And the pip I gained so far is not disappointing, positive pips makes me happy

• This one is i got from james, he said to Raise the stop loss every time u gained pips. say u have +10 pips position, raise your stop loss to +5 to secure profit, if it hits +20 raise it to +10/+15, the pip to raise is up to your discretion of course, this is better but you have to look at the charts often..which i dont like haha.

hope that gives u perspective