I started a daily trading system, its been working well, but below expectation, i believe day trading wins more pips.
Here is my problem.
When I trade on daily chats, i will start trailing my stop loss on a profit, hoping it keeps going higher, then only for it to return hit the sl at a little profit, and close trade, then shoot higher again when I am already out of trade.
But d trade i decide not to adjust d stop loss mostly reverse and turns a winning trade to a loss…
How do I manage this?
In the end you have to embrace the risk of loss. Its the “tails” side of the coin - you want to see the head but what you really must get is the coin, and you can’t have the coin unless you also have the tails side.
So, you could widen your stops so that you get fewer trades stopped out: but if you do that you should to reduce your position size so that the capital risked stays the same. And if you do that, price will have to travel further for you to make an equivalent profit.
You could accept that in order to ride a winning trade through to where you want to exit it with a big profit, you might need to accept that you get stopped out with small losses 1 or 2 or 3 times and have to get back in again each time to get to the win. So maybe you can see a place to get out before the stop is hit, between the stop and the entry: that keeps your losers small, and it costs less to open a new trade.
Maybe just stop using trailing stops?
I will be placing my day/overnight trades in a few minutes and letting them ride. (I’m in CST zone) because if the circadian cycle of the market.
I do not use trailing stop losses because I want one that uses a percentage of the trade increase and my platform it is not available.
I do make my stop loss based on a percentage of the take profit aka risk reward ratio. 1:1 id ok, 2:1 is better and Paul Tudor said he would not take a trade unless it was 5:1.
Mate, you should set your TP & SL according to the level of Support\resistant; not based on your hope.
Hmmm, Ok, but I just have this believe that trading on a daily time frame means trading for a longer days and higher pips…
Yesterday i traded GoldUsd, only yeasterday reached 160pips, but wen+back to 90pips, but my analysis said it ought to get to almost 300 pips… Now I am scared, of losing a wining trade my emotions are shaken… I want to learn to ppace trade and make sure it gets to that level i analyse for it… But waiting days🙈
You can scale out and close a part of the position when you see the price started retracing. That way you get at least something our of the trade if it never comes back to your target. You can also scale in. This is when the price reversed but you are quite sure it will cntinue in the right direction than use it as a low price second entry and increase your position. Decide which of those two you want to do and adjust your size accordingly, you need bigger initial entry if you want to scale out, or much smaller size if you plan to add to it later.
I am a beginner traded demo over 1 year… Now looking for capital to start real life, so all i have in my life account is 50$ which i had increased to 70pips in a week… So cant trade above 0.01 lot size… Following my trade system… I just dislike losing pips bcoz I couldn’t wait…
We all hate losing, but its part of the game.
If you are winning overall, why change strategy?
Losing in trading is a common part that no way to avoid in spite of having good knowledge and experience. so, try to keep sustain with losing and be cool when trading.
The bottom line answer to this question of maximizing profits comes down to trade and cash management the sizing of your trades.
Man,
Get rid of demo, one year is way to much. Demos are made for you to be familiar with the system.
Even though, they are a great first approach to FX, they will not deliver the psychological effect of a real account.
Instead, transition to micro account and open a very small account(some brokers allow you to star with 5 dollars)
Also, try to open your positions before you go to sleep so your emotions dont interfere with your trading.
Last, but not least do a lot and I mean a LOT of back testing(30 minutes a day) every day, for the rest of your life, and make sure that your strategy is well performing.
Make a trade Journal.
And make use a great risk/reward ratio could be 1:3 and use a strategy that can provide you with 50% win rate.
I wish you success!!
Mate; do you use support/resistant levels in your chart?
Jorge, while this is true, not many will ever produce that kind of position building knowledge.
Many traders have a daily stop-loss limit or profit target. The former is a form of risk management. The latter is simply a personal aim.While these rules might work for some traders, they have one undesirable trait. They focus on monetary outcomes. To increase your day trading profits, you must go beyond think about money. You need to focus on the quality of your trading setups.