xard777 wrote: Tue Oct 20, 2020 6:16 am
Not sure if I mentioned this before or not but...
Your Daily RAGS to RICHES Mantra
When we are trading off a DOWN ARROW the DOWN moves are way bigger than the up moves during that DOWN cycle.
When we are trading off an UP ARROW the UP moves are way bigger than the down moves during that UP cycle.
Why is this so important? Well, it's where you make the most of your money in these BIG moves
how many pips do you go for tp and sl?
XARD: it's different strokes for different folks. Some have a 10 pip sl & 20 pip tp, others 50 sl & 100 tp, others 150 sl & 300 tp. A kind of 2 to 1 ratio.
I tend to bide my time, wait for the market to give me an entry. Take today, I was up at 05:00 hrs waiting for an entry off a 2nd Dot that did not happen until the afternoon and I was only in the trade for a short while, made 16% and got out. If I do between 10% to 20% every second trading day then I like to think that I am doing something right. And yes, you can see that I leave a lot on the table. Pips wise, I am not sure how many as it could be +85 one trade and +250 the next to +170 etc...
If I think that the trade I am in is going nowhere or is starting to move against me I tend to just exit right away. I do not think twice or say I will let it run another 20 pips. If it is not running 20 pips in my favour then I am out. Don't get me wrong, I have blown many an account over the years but now I prefer steady growth a bit at a time. I think the best thing is not to be too greedy but definitely have a plan B, mines is the Chicken Switch and I am not afraid to use it :-)
Not only do you find ppl scared to place an entry but you also find a lot of ppl scared to hit the kill switch, they want to stay that bit longer only to see their profits dwindle in the aftermath.
Just remember, the only Pips that you make are the pips that you book. Sorry for the rant.