To use chat, please login.
Back to contacts

Why is it easier hitting a Stop then a Limit???

snapdragon1970 (snapdragon1970)
Aug 03 2017 at 17:25
1944 件の投稿
Hey Ben, that is normal for beginning traders ,here's a few tips: One way to lessen the doubt over limit is use the longer time frames and check the Fib levels/support /resistance you shouldn't really set a TP limit but have a set limit in your mind and watch the trade when it gets close to that level, I wouldn't really advise a trailing stop but its personal choice, cutting 3/4 of a position is normal practice,you should be more worried about it hitting your stop, protecting capital is key,that way you will make wiser trades and more profitable.

"They mistook leverage with genius".
panovak2
Aug 04 2017 at 11:46
1 件の投稿
I would highly recommend trading a demo account. It lets you learn without having to much emotion involved. My growth as a trader only really took place on demo because I was much more objective in my trades. Also under a demo account I would suggest doing a set and forget practice. That is where you identify a trade and let the trade play out without touching the TP or SL. It forces you to make better decisions and it teaches you how to handle your emotions. I did 300 trades like this and went back and analyzed the trades which gave me great insight into my strengths and weaknesses. I was less concerned with the outcome and more concerned about learning. Just my 2 cents.

Benjam
Aug 06 2017 at 06:47
6 件の投稿
snapdragon1970 posted:
Hey Ben, that is normal for beginning traders ,here's a few tips: One way to lessen the doubt over limit is use the longer time frames and check the Fib levels/support /resistance you shouldn't really set a TP limit but have a set limit in your mind and watch the trade when it gets close to that level, I wouldn't really advise a trailing stop but its personal choice, cutting 3/4 of a position is normal practice,you should be more worried about it hitting your stop, protecting capital is key,that way you will make wiser trades and more profitable.


Hi Kieran, thanks for your input. Two goals for me next week;

1: Don't place a TP initially, only price alerts. When a price alert is hit, at this point I will place the TP.

2: Focus on the pip value rather than the $ value, I am keen to see how this effects my way of thinking!

Really appreciate your comments & everyone else taking the time to respond.

Thanks,

Ben

Benjam
Aug 06 2017 at 06:48
6 件の投稿
panovak2 posted:
I would highly recommend trading a demo account. It lets you learn without having to much emotion involved. My growth as a trader only really took place on demo because I was much more objective in my trades. Also under a demo account I would suggest doing a set and forget practice. That is where you identify a trade and let the trade play out without touching the TP or SL. It forces you to make better decisions and it teaches you how to handle your emotions. I did 300 trades like this and went back and analyzed the trades which gave me great insight into my strengths and weaknesses. I was less concerned with the outcome and more concerned about learning. Just my 2 cents.


Hi Panovak, appreciate the 2 cents! I do agree that trading with a demo enables you to learn without to much emotion involved & the set & forget has been added to the list! No doubt I will be switching between Demo & Live over the coming months while I am still learning, and testing different methods. Is this what you did? Or continue to do? (Trade both demo & Live)

I have fully accepted that even going back to the drawing board & spending greater time on a demo, initially I will make mistakes, wrong decisions..... But I intend to document it, & learn from it.

Who knows, I may not have what it takes! but I will give it a good shot.

Thanks,

Ben

Bloomer
Aug 07 2017 at 14:11
16 件の投稿
It is not actually easier to hit a stop than a limit. Run an EA to test it and you will see. There is a 50:50 chance.

コメントするにはログインしてください。