So open trades that are in profit, once they hit 30-70% profit, you pull that out to breakeven, and let it run. do I have that right? I guess in other situations you close the trade completely right.
Yes, and yes. The long term aim is not win/loss ratio, per se, but making a profit, even if my win/loss ratio is below 50%.
Many inexperienced traders do have strategies that have a high win/loss ratio but are not profitable in the long term.
Many pro traders have a low win/loss ratio but are profitable. Those pro traders who have a higher win/loss ratio make consistent profits year in and year out. A pro friend of mine who has self-developed a scalping EA bot to trade 4 major pairs is one of these. He’s managing one of my live accounts.
everyone has their own mindset, so everyone has their own difficulties in learning, for me the most difficult ones were associated with new strategies and approaches to work, it is always difficult with this
For me, the very hard one is to close the loss, as sometimes a trade without stop, and when the drawdown is already essential, then somehow the hand does not rise, but I have almost eradicated this problem, because if you do not cut the losses in time, then you can constantly stay on zero. In general, it is necessary to systematize their trade, that is, strictly and disciplined follow the rules of the trading strategy and the money management, then the problems in trade will be smaller.
Patience is probably one of the hardest things to learn in the forex market. One of the most common mistakes in stock market trading is getting out or getting in too early. It takes years of experience to know and understand when it’s the right time to get in order to get out.
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Deciding when to use and where to place my stoploss.