Quote:
Originally Posted by andyfx
I have devoted the last 2 months (16 hrs a day) of my life to learning this system. I am not automated trading and don't think i ever will. Those trades were placed according to the trading system. I understand what you are saying about the going broke after a month. But i have now been into forex for over a year which i know is nothing compared to most. But really i am not struggling with making the pips, but the exit stratagies are a different matter.
Do experienced Live traders have pip/profit targets? I also have been reading up on trading psycology and taking what the market gives and not trying to take. I have closed all trades for today and am happy with that result so maybe i have answered my own question.
But again are pip targets advisable?
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It's good that you are trading your system and know how it trades. By your first post you stated something like "so many pips promised per month", which made me assume it might be an automated system.
I set my profit target by price action. I look for where I think price will go and shoot for half. Once the halfway mark is achieved I move my stop to there. Either it will go for some more or stop out at my original profit target.