[B]TRAILING STOP / HARVESTING[/B]
[QUOTE=“sharebazar;566336”]Hi Nikita when you get time please write something about how to hold a trade longer. Many times I open the position in good time and price with very small SL, but when price move 20- 25 pips in my favour I try to move SL to BE, and as usual price come back to my entry and took me out of the position and move. And eventually price move to 60- 80 pips +. At the moment I am trying to use trailing stop with the same amount of SL, result is not good, few good trades. Tried move SL manually by hourly chart and 4 hour chart few good trade but not outstanding. Tried to reduce SL when price move to 20 pips + but few times price hit my SL and moved without me. I have tried to move SL according to the wave by folliwing 30 min chart, good result but not always. Now when price move 20 pips + I just reduce my SL and then when price move 30 + I move my SL to BE and then when price move to 40+ I move my SL to 15+ . It is really difficult to open a good position, so when I open the position I feel like I want to take atleast 10+ pips from the position.Don’t want to waste the trade. Few times I hit 100 + pips trade because market moved so quick did not get the time to move SL to any where. Few trade I did not touch the SL and it is hit my TP which is good but interms of risk is not good, I am trying to reduce the risk and capital in all cost. Sorry for the long post.[/QUOTE]
Well Im no expert at holding trades for very long either. As you might remember its only last year where I started trying to reduce trading entries and holding for longer.
And since than Ive had mix results as far as being successful in doing so in terms of my trades hitting my intended TP.
On the other hand, profits and growth have become much more steadier. Two good trades of 150 over pips a month against two hitting BE and two hitting SL last month has been not bad as far as im concerned.
Trailing stop losses is something I never use because it has to be sufficiently large to allow market whiplashes and in the past, I often found it not suitable for me.
I would suggest you try a different approach.
You can always adjust your SL as the market moves.
First step is to move SL to BE. Once that is possible than you should relax as you are now on a free trade.
Second stop is to move your SL every four hour period, once a new H4 candle forms.
Move your SL to the bottom or top of your previous H4 wick, throw a few pips for slips.
Than forget about what the market is doing for the next four hours. Move again when the newer candle is done forming.
You can do this in Daily too. Always below or above the previous day candle wick.
Anything below H4 and this method is not as good in locking in your profits with a balance to allowing it to grow.
We use PA to guide us on where are the waves.
Lumi used to call it harvesting.
I find this method often gives you more than just using arbitrary trailing stops, or worst, taking ten pips a trade, when you could take ten times more on a good entry.
Concentrate on picking a good entry and moving stop to BE.
Than sit back and relax and breathe out. Train yourself to let it go. If it hits your stop, there is always another trade later. Its not the last train out of town.
Than harvest once every four hours.
P/s - decided to put a title on every post or reply so those who join in can easily find what they want later without having to reread every post.
Maybe ill have the discipline to change most of the earlier posts too.