So if you’re in a trade, it goes your way, its 100 pips in profit then its 125 then back to 75 etc… But then you close it for 100 pips profit, then the trade goes 300 pips but you’re already out! DOH!!! How do i manage to capture those 300 any recommendations? Like when you’re in a winning trade what’s the best way to manage it so you can still get your profit if the trade reverses but also get that big 300 win if it goes your way still??
Simple, dont close the trade. Haha.
Seriously though, find a good mechanical way to close the trade that keeps your emotions out of it. My guess is you are just getting emotional and nervous when the trade moves against you and jumping out way too early.
Here are some mechanical methods you could use. #1 a trailing stop that is equal to the last 20 days of the ATR. #2 moving a static stop to the previous weeks candlestick low. This will keep you in the trade as long as price doesnt breach the low of the previous week. #3 move your stop below the most recent swing. So if you go long and price rises for a few days, pulls back for a few days and then starts rising again, you would set your stop loss just below that most recent swing low.
Those are price action oriented methods of moving a stop loss. There are lots of ways to get out using technical indicators as well.
1 Like