I was up $2,000 but didnt take profit, and now my stop loss has been hit

@brenda_lesotho - 3 months ago

I dont think you did anything wrong, holding on to winners may not seem profitable in the short term but in the long run it will help you

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@robert_sondreli - 3 months ago

How about you adjust your SL to secure profit along the way?

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@brenda_lesotho - 3 months ago

Quoted - robert_sondreli

How about you adjust your SL to secure profit along the way?

Adjusting SL to secure profit is ideal when price has moved far away from your entry. In @Vickys case we dont know how far along price had moved.

@robert_sondreli

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@headies25284 - 3 months ago

This was my experience yesterday. I took a trade with 100$ and I was up 214$ and i didn’t take profit. I left the trade till this morning and I got stopped out. I didn’t close cos my take profit zone was 300$ and I was I don’t need to close yet.

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@emma_durban - 3 months ago

Its one of the hardest parts of trading but always ride your winners, yes sometimes you will have to leave money on the table (like you did today) but you will be better off as time goes by. Consider adjusting your exposure for breakeven whenever youre in profit and also secure some profit as you go by adjusting your stop.

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@patrader - 3 months ago

I'm sad to hear about your trading loss. But i must state trading is about knowing when to take a profit and to take a loss. You can't be labelled a trader by blindly following a trading adage. Profit booking is essential in this business.

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@headies25284 - 3 months ago

Quoted - patrader

I'm sad to hear about your trading loss. But i must state trading is about knowing when to take a profit and to take a loss. You can't be labelled a trader by blindly following a trading adage. Profit booking is essential in this business.

What would you have done if you were the one?

@patrader

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@patrader - 3 months ago

Quoted - headies25284

What would you have done if you were the one?

I only trade EURUSD and have a fixed trading profit 12 pips, i leave some based on how i feel. If it works fine if doesn't you get a BE on that.

By making the profit potential a fixed point value or dollar value you take the decision making out of your hands and hence you are guaranteed a winner when all criteria are met and guaranteed to book a loss when you fail.

Additionally any trading strategy would give you an exit signal as well. Consider EURUSD if you are short and a 5 minute candle breaks the high of previous candle or a swing high is broken the reasoning to stay in the trade is voided. So you exit when the criteria to exit has been met.

Also taking a loss on a winning trade larger then the unrealized PnL after it has moved in your favor doesn't make sense why would you not move the SL to breakeven.

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@headies25284 - 3 months ago

Quoted - patrader

I only trade EURUSD and have a fixed trading profit 12 pips, i leave some based on how i feel. If it works fine if doesn't you get a BE on that.

By making the profit potential a fixed point value or dollar value you take the decision making out of your hands and hence you are guaranteed a winner when all criteria are met and guaranteed to book a loss when you fail.

Additionally any trading strategy would give you an exit signal as well. Consider EURUSD if you are short and a 5 minute candle breaks the high of previous candle or a swing high is broken the reasoning to stay in the trade is voided. So you exit when the criteria to exit has been met.

Also taking a loss on a winning trade larger then the unrealized PnL after it has moved in your favor doesn't make sense why would you not move the SL to breakeven.

I get you now. Thank you for this exposition.

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