Good day , hope you are well. May you please help me with something. I read about taking profits in different zones, like maybe take a certain percentage on the first resistance level, then take another on the second one , may you please tell me how it works it terms of the profits please try to cover all aspects . Thank you so much, looking forward to hearing from you.
You could try using a trailing stop which does not necessitate taking any profit off the table.
If you need to know how to action this do some work and Google it.
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I suggest completing Pipsology, if you haven’t already. You’ll find your answer and more.
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Hi,
That’s called partial close. Using it, you’ll be able to close a specific amount of lots instead of closing the entire position at a certain price level.
In order to do that, just double click on your active position and then change the volume. It works on MT4 & MT5.
If you’re using cTrader, right click on your active position, press ‘Modify Position’ and then change the volume.
Hope that helps!
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Hey , well I think it’s scaling out of a position what you basically do is If you have an open long 10K units position of EURUSD at 1.3000 and the price moves to 1,3100 what you do is you open a short position of 5K units what this does is that it closes 50% of your profits and leaves you with an open position of 5K units with a 100 pips running profit.
Or use a Trailing stop loss of a 100 pips when the price moves from 1.3000 to 1.3100 you place the stop at 1.3000 if the price moves to 1.3200 you place the stop at 1.3100 and so on until you hit your target
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Use trailing stop, it keeps your take profit active at different price level as long as it is favorable to you.
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I will make more research on that, thanks a billion!
this is I didn’t know , I will most def make research and try it out. Thanks a billion Baki!
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I saw that you have had the answer. But, I would like to recommend you that you should apply this approach if your trading strategy supports this approach. But, if your strategy doesn’t support this approach, you should not leave your trades at different stages. This is a piece of advice that I think fair for you.
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Well I’m glad I could help
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Using trailing stop loss is efficient in grabbing the opportunity of making profits even after hitting the stop-loss if the market is going in the favourable direction.