How are you entering? Where are you entering? What are you decisions based on? Do you like fib extensions? Do you want to exit using a momentum oscillator? What chart resolution are you viewing? Have you tracked your MFE?
Do you want to exit every trade the same way? Do you want to make it mechanical, or would you like to apply discretion?
One thing you can do is pick a few exit management strategies, and test them over a period of time and see what comes up.
Not that you have to answer all these questions, but some things to think about.
When creating a new thread, note which subforum you are in. Here is a short list of suggestions:
- Topic: Anything to do with an Elite indicator -> Subforum: The Elite Circle
- Topic: Looking for an existing indicator, or how-to use an indicator -> Subforum: (the platform)
- Topic: Programmer needing help with non-Elite indicator -> Subforum: (the platform) - Programming
- Topic: Want an indicator created/modified -> Reply to "Want indicator created free" in Elite Circle
- Topic: Vendors (trading rooms, commercial indicators) -> Subforum: Vendors/Product Reviews
- Topic: Discussion of Forex or Currency trading -> Subforum: Forex and Currency Trading
- Topic: Journals of your trading -> Subforum: Trading Journals or Elite Trading Journals
- Topic: General trading related discussions -> Subforum: Traders Hideout
- Topic: Discussion of a trading method -> Subforum: Traders Hideout
- Topic: Automated Trading -> Subforum: Elite Automated Trading
Last, any Elite Member may create more or less any of these topics in The Elite Circle at your own discretion (your support is appreciated).
This is just a short general list and doesn't cover everything. If you are unsure where to create your new thread, just create it in Traders Hideout and a moderator will move it if necessary.
-- Big Mike Trading
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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In my experiences trading spot Ive found that daytrading is the most difficult way to approach them . The reason is that pairs move then pause , move then pause and watching this on smaller timeframes makes TA incredibly difficult , until you see this action on timeframes like a 1h or higher . Then the moves become predictable and very tradeable .
I share that to help you because it was learned by me the hard way . But the question was locking in profits and holding runners . Best way is to trade multiple units and target prior highs and lows and scale out a unit or two at a time leaving a runner aimed at just short of a distant high or low , as a target . therefore you will be required to hold positions overnight or through the week .