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    Thread: Let your profits run and cut your losses (5)

    1. #1
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      Thumbs up Let your profits run and cut your losses (5)

      When you know how far the trend is likely to run then you can let your profits to run up to that point. However, as we know, there is no absolute certainty that price will get the point that we hope it will. That is why we always need to set reasonable target. However, if we have more than one trade on the same pair and we have taken profit on one trade, and locked the second trade at breakeven, we can choose to let our profits run with the risk of being knocked off that trade at breakeven.

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      Traders face different situations in Forex trading . Mostly their trades stop on take profit orders but some time prices hit soon their stop loss orders . If you find a true trend of the market and prices are going in favor of your entries and you have a confirmation to go further ahead then you can extend your take profit orders to get maximum profit from a trade. But if prices are running against you then should not be patience for its return because it can destroy your capital .So we must leave the trades of profits to go ahead for adding more profit in the account but close the trades in early time which are moving on loss .

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      As emotions and greed both are our big enemies where we can not increase our profits and can't take control at our losses, so if we wants to increase our profit and decrease our losses then we will trade according to our best strategy, confidence and sharp mind.

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      Making profit and cut losses is not a easy task specialty for short term trader who can have no strong ides which time we can use stop loss and which time we can accept profit we can just imagine and then execution of orders any time and try to earn money.

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      That would become scalping. To get big profit from trading we must hold our trade for long moment. The more we will hold our trade the more return we will get from trading. Long term trading gives us big returns. But I say depending on market situation and condition it is better to close the trade with some profit. Something is better than nothing. We should be happy with small profit.

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      How far should the profits be allowed to run? This is often the question on the mind of most traders. You can leave the profit to run as long as the forex market is still willing to provide you with profits, by using trend lines to know when the trend is still intact. It will also help to use trailing stop, in order to lock in profits if the price decides to reverse on you.
      THE POSSIBILITIES IN FOREX TRADING ARE INFINITE, YOU CAN ACCOMPLISH ANYTHING !

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      In as much as it's important and profitable for every trader to cut their loses and allow their profit to run is good, but all will be determined on what we see in our chat and which candle pattern we are using for reversal. Allowing profit to run can be good but we ought to be good ourselves in technical analysis

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      I agree with you. One way to always ensure that you keep your profits is by using a trailing stop in an already profitable trade, a trailing stop will enable you to lock in your profits continually as your trade continues on. You cut your losses by using a stop loss which must be set for every single trade. Never trade without a stop loss, no matter how confident you are. Also, your stop loss level should be predetermined even before you enter into a trade, this level should be your point of validation that your trade is wrong and you must cut your losses and move on.

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      Yes, totally agree with this statement that we should allow the profit trades to run as much as it can go and also allow the loss trade to cut as fast as we can to cut the losses immediately. But we do the reverse and most times we lose money bigger and earn profits lesser and at the end, the balance is always negative. We should change the nature of the trading styles.

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      It is easy to say that you will allow your profits to run while you are looking to cut your loses but one thing is certain which is that the knowledge of market behavior is an important factor which can help a trader to know how to do that properly.

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