harveyspecter wrote: ↑
Sat Jan 15, 2022 1:53 am
Hey, thank you for your helpful trading tips yesterday!! One of things you mentioned is that you get out of the trade once a large semafor appears. The only problem I see when doing that is that a large semafor will appear but price will keep going so what happens is that I am out of the trade but trade just continues to profit. Obviously, it looks good to TP once the larger semafor shows up in hindsight but in real time a lot of profit ends up being missed. Thank you
Yes I too have this problem, its a good problem to have, atleast it means you have successfully picked the right direction! ( think of the positives not negatives), Be greatful you have the direction right and bank pips. Yes that move will quiet often happen, market can continue to make higher highs and lower lows at will. DON'T be greedy! Don't try to squeeze every single pip out of a trade, I can assure you (speaking from experience) over time, market WILL squeeze more out of you than you ever will out of the market.
I recommend instead you use a 1:1, or 1:2, Risk Reward ratio, (and be happy with the win), Use the fibo number 38% or 61% as exit targets ( and be happy with the win), Use murray math turning points ( and be happy with the win), look for strong support or resistance or previous day hi-lo, weekly hi-lo, or fractal support resistance, or Xard's chanel hi-lo as your exit targets ( and be happy with the win), or close half position and use mt4's trailing stop loss using 1.5x ATR ( and be happy with the win) or use the candle color change as exit signal ( and be happy with the win) and finally can also wait for the white ZZ line to appear and use that as your sign to close ( and you guessed it ....... be Happy.......... ) so many options to exit! importantly DON'T be gready! leave some meat on the bone!
Happy trading !