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

Benjam
Jul 24 2017 at 13:53
게시물6
Hi,

I'm relatively new to FX trading and currently working through the battles of becoming a better trader & building an effective strategy.

One of my weaknesses at the moment is dealing with trades going in my favor! I'ts crazy to think i'm comfortable with a trade hitting my stop, because I have already accepted the risk and the amount i'm willing to lose. But when a trade is going in my favor my behavior changes and I start questioning myself 'Should I change the limit?' or 'When should I place a trailing stop?' 'Should I just leave it?'

I understand that placing a trailing-stop will depend on the volatility of the currency pair however I am just interested to see if anyone else has had the same psychological problem?

If you have, do you have any words of wisdom you could share?

Thanks,

Ben

edioquino12 (edioquino12)
Jul 25 2017 at 06:31
게시물1
Hi Benjam,

I can relate to this 100%. I felt like the universe was always against me.

BaldoN (BaldoN)
Aug 02 2017 at 08:00
게시물522
Perhaps, once T/P and S/L are placed - do not move it.
Or, if you be more satisfied when the price is coming to your T/P level, just close a half of the positions, take some profit and then move the Limit to another level :)

CrazyTrader (CrazyTrader)
Aug 02 2017 at 10:57
게시물1718
If you are in demo
If your mind is upside down while trading, try for fun to reverse your psychology.

If your risk reward is 1:2 => do the opposite 2:1 so for example SL = 100 & TP = 50
Never touch your SL.
when trade isn't in your favor... reduce tp even below entry price for Long or above entry price for sell....when your initial SL level should have been hit.
This way while losing, you will try to exist with minimun loss with volatility.

After sometime, see how you feel.... isn't still easier to hit SL?

Aleixo1
Aug 03 2017 at 09:56
게시물12
The spread always makes it more likely that the stop loss will be hit then the take profit.

TiffanyK (TiffanyK)
Aug 03 2017 at 11:22
게시물427
I agree with BaldoN here. Closing part of the order is one way to take more profit. Just do not panic or start acting with enthusiasm. Like how you accepted the S/L level when placing the order, accept the take profit level too. Leave it like it is or close the order partially and continue to monitor.

Accept the loss as experience
Benjam
Aug 03 2017 at 11:25
게시물6
BaldoN posted:
Perhaps, once T/P and S/L are placed - do not move it.
Or, if you be more satisfied when the price is coming to your T/P level, just close a half of the positions, take some profit and then move the Limit to another level :)


Thanks for the advice! I have tried this on my recent profitable trades and by securing profit while staying in the trade definitely makes placing the second limit easier.

Thanks

Benjam
Aug 03 2017 at 11:27
게시물6
CrazyTrader posted:
If you are in demo
If your mind is upside down while trading, try for fun to reverse your psychology.

If your risk reward is 1:2 => do the opposite 2:1 so for example SL = 100 & TP = 50
Never touch your SL.
when trade isn't in your favor... reduce tp even below entry price for Long or above entry price for sell....when your initial SL level should have been hit.
This way while losing, you will try to exist with minimun loss with volatility.

After sometime, see how you feel.... isn't still easier to hit SL?


I like your thinking here! Unfortunately not in a demo, however I will give this a shot with a small amount, I am open to trying anything if it will help me improve.

Thanks,

Ben

Benjam
Aug 03 2017 at 11:27
게시물6
Aleixo1 posted:
The spread always makes it more likely that the stop loss will be hit then the take profit.


Hi Aleixo1,

Sorry I didn't make it clear. The point i'm making is when I setup a SL & TP, if the trade is going against me physiologically i'm good and don't move my stop and clearly have accepted I was wrong and the amount i'm happy to lose. BUT when the trade is in the direction of my TP, I am constantly second guessing if it's in the right spot, should I change to a dynamic trailing stop......

Just wondering if the indecision is something all traders are facing? or just me lol

Thanks,

Ben

Orangotang
Aug 03 2017 at 17:10
게시물51
well we all face the same dilemma I guess you need to analyze your currency and identify exit signals. that way once they materialize you exit.

Prayer is the True Power that controls the World.
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