Hey traders.
What’s should be a pip target per trade. I notice I get stopped out a lot from trades which were in great profit ( price reverses)…i don’t know why, but future analysis shows that I usually have a 240 pips tp ( what the cross on screen shows). What am I doing wrong?
In my opinion, in order to have a TP that far out, you must have the capital to hold the trade, and your SL can’t be close to your entry at all, otherwise price will stop you out every time. That’s why I day trade, because I just shoot for 20-30 pips per trade, and that’s enough for me. If I use 1 lot, then that’s about $200-300 or more depending on how many trades I have open
What time frame you trading?
Do you make any trade adjustments while the trade is still live? Trailing stop after hitting break even perhaps? Risk to reward level?
Daily and 4HR
that’s a great question too. Sometimes if I do hold out a trade throughout the day, and it’s in profit then I’ll adjust my SL to break even or some pips past my open price so it becomes a risk free trade
No, was told to wait to tp or sl
How do you identify where your SL and TP should be?
from previous levels of support/resistance. So, take UCAD for example. If I decide to enter on the pullback after that breakout, then my SL would be the previous level of resistance, vice versa. TP can be the next level of support, vice versa
For example, is the middle number the number of pips3or should I round off, is this 400 pips or is that 40 pips
Support and resistance
For those of you using mt4, please show me how you determine the number of pips and candles
Who is telling you this stuff?
No offense, but if you don’t know how to determine pips in your trade or in MT4, stop what you’re doing and read some more. The information is free in many places, including here.
Understanding pips
That’s 46 Pips mate
I would imagine on a 4hr thats too much for sure, on a daily - depending on how you trade - maybe not.
I think trailing stops are better than profit targets, but getting them right can be tricky to begin with.
I always trail them at the last low if long and last high in a downtrend.
This means it gets wider and tighter depending on the market.
My approach gets me out of trades with most profit intact but is only suitable for short term - say 2-7 days.
Long term trades are better using a fractal or pivot low if long, or pivot high if short.
Also find that these trailing stop losses are programmable at say 5% on the platform are useless.
They dont take into account developing market structure.
My day trading sucks, but it might actually be worth going up to a higher timeframe to see where the last lows or highs come in, you might it a good place to trail them.
If your trade passes 50-60% half of your tp just place an SL around that mark even if the trade goes your way and starts reversing you’ll at least exit with some type of profit.
I use to do this a lot let my trades run in profit and when it starts reversing on me I’d hold on instead of just taking profits then and re-enter at a better position. At the end of the day we don’t want to cut our TP short but at the same time we don’t want it to go so far up and reverse where we are at a loss. It’s a balancing act the more you play in the markets the more accustom you’ll become to the theatrics of the rising/falling markets.
Depends on the Time Frame you spotted the trade, your exiting policy, news announcements, infliction points etc. etc
But let me try to put it this way
Some good examples of different approaches to SLs and locking in some gains. Love it!
