A scalper does not tolerate any form of retracement during a trade so his fixed target will correspond to this reality. A daytrader accepts the cyclical nature of price movement so his target(s) may vary in size but will be flat at the end of the day.
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I use a combo - targets with trails, trails only and targets only. Some markets responded better to different exits. My fav is a high target with a trail. Allows you to take what the market gives if not enough range for the day and to hit some higher targets when they are there.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Last edited by liquidcci; July 18th, 2014 at 03:06 PM.
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around 70% win rate here, but I just take what's on offer most of the time, if my trade breaks out and it's on trend then maybe I'll occasionally let it run, but it's rare as I find most of the time I get greedy then end up with a loss.
Although my average profit, is higher than my average loss my Worst case loss is 2x's the average profit, just I cut most of my losses short before they get that far.
Tighter SL's = Many SL hits where I could of gotten out for a profit or less of a loss atleast.
Holding for MORE = More often than not giving it back and some more.
Account is going the right way, so must not be broken