I am interested in any tangible tips and tricks you may use. By tangible i mean actual stategies for a particular situation, ie. reducing a ‘locked in’ loss or maximising the profit from a winning trade etc. but not common sense tips like “Don’t trade with more than you can lose.” or “learn to master your emotions.”, and “Don’t eat yellow snow.” etc.
My tip for attempting to maximise profit.
You have a Buy and it is 200 points up, your trailing it at 100 pips.
It begins to head down.
You may normally wait and hope for it to head up again or hit the stop but instead put a pending order Sell in at 150 points up (mid way between your SL and where it is now.)
Advantage… When the stop loss is hit hit you still have an order in profit and it’s already heading in the right direction.
Disadvantage… If the trade bounces off the 150 point mark and heads up again you’re stuck with a 150 points (Unless you have another Buystop waiting in the wings).
You might think that this is basic stuff but i’m sure a lot of new traders might find these tips useful.
If you have a suggestion to improve my tip then please post.