Quote:
Originally Posted by Airborne
pppglowacki, do you buy your entire position up front, or do you split it up in say 1/3rds? Then scale profits one the way up. I'm looking into this right now. I think it might allow more flexibility. So if I have a 50 pip stop and 5k account I could buy 2 lots of GU and open 3 orders of .66 each. If stopped you take the whole hit of 2%. Then I'm thinking of setting the first tgt say 15 pips then 25. Stops move to B/E once 20-25 hits. Then just hold on to the last one as long as possible... Does this make sense?
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Hi Airborne, hmm no i buy the entire position at once...i do not split it up. After I place a trade with the specified number of lots, i then set a stop loss and if i get stopped out the entire position is closed. I also pick a place to for my first profit target, at this location i usualy close about 1/2 lots and let the rest run. Hope this helps.
Also, so as i understand your stop loss is 50 pips but your first profit target is at 15??
Thanks