Hi guys,
I seem to be in a situation a lot of the time where I am in a good position, but I end up taking profit way too early in the fear it’ll go back down.
Anyone been through this and got over it?
Thats one of the biggest problems everybody faces mate, letting losers run with the hope that it will reverse and cutting winners short with fear that it will reverse.
The trick in my opinion is dont sit on youre trade, set your stops and do something else.
Trading is a grind above anything else.
Grtz
I had this problem too when I started out. I would guess most people do.
I agree with rlt.
I would add that if you are inconfident in those circumstances, is it because your trading strategy is incomplete ?
The way I dealt with is was to use a simple expert advisor to open and close the trades according to my strategy, and leave it to it. Also, the rule is to trade with money you can afford to lose. I would guess you are trading too high value if you are nervous this way.
Finally, I would suggest that while you are developing your strategy, cut down your trading to micro lots - 0.01 Lot if you can and adjust your percentage gain expectations accordingly (take profit levels). As it is still your own money you are trading with, you will still be very interested, but you will be more relaxed allowing you to focus more on the trade and other possibilities rather than be focused on not losing money.
This way if you lose a few dollars at the end of the week, it is still a cheap price to pay for some great lessons.
hope that makes sense. let me know if you take the advice, and how it works for you.
Michael
one thing you can do if trading multiple lots, is take profits in half of your lots and let the other half run with a break even stop, then watch for reversal candles as a signal to take profits in your remaining lots. But keep this in mind, No one sells at the top or buys at the bottom.
‘But keep this in mind, No one sells at the top or buys at the bottom.’
Hi,
Can u please elaborate the above line.
Thanks for the advice guys! Will take it on board.
I had the exact opposite problem as a newbie - I was waiting too long out of greed and I lost most of my profit when it did reverse. The only advice I can give you is to figure out a set strategy with a limit and a stop loss and do your best not to touch it while it runs its course.
I think that is the best advice. To trade, I would say a strategy is essential. The other good thing about a strategy is that when the trades lose, you already have a back bone for comparison and fault finding / development.
Yes, it is true that many times we may make a loss in our trades and the best thing is to choose such a trader that can give us some income, so that we can recover our losses easily 
yeah and its difficult to say the ratio of winning trades to failed trades. I think the notion of 7 good trades out of 10 was popular a while ago, but I can go 14 bad trades and then get one good trade that covers the loss, so I’d say it depends very much on your strategy.