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    Thread: Do Not Let Your Profits Run It could be dangerous

    1. #61
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      We can let our profit be run there is nothing wrong with it. But a good trader needs to know that allowing their profit to run simply means moving of stop loss up to breakeven and even beyond break even according to how profitable we already are. The more profitable we are we should always move our stop loss because the market can be funny


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    4. #62
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      Recently, I took a trade on EUR/USD and I wanted the trade to hit 70 pips target but later I decided to leave it open hoping that it will run further and give me up to 200 pips profit. After watching price stall for some time I decided to set a smaller target but that target was not even achieved and I had to close the trade. Not long after closing the trade price moved in the opposite direction for over 200 pips. If I had not closed the trade in some profit, I would have made a loss. Setting a good target is important and always work with the analysis that you have done or will continue to do.


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      There is good and bad side of letting your profits run, it will always depend to what time frames you are using, if you are using an hourly chart you have to know the average range at least for the last 5 days so that you will have an idea if the market still has possibility of moving up, if the average daily range is only 100 and the current range is already 120 pips then it is not logical to hold on to your trades, now if you are using a swing trade strategy it is just right that you hold on to your trades according to your strategy. What is important is that you close your trades based on specific set of rules.


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      I have a different opinion about this. New traders should learn to let their profits run, when their profits hit a certain amount, they should close some of the positions and move SL to breakeven or other methods to let the profits run. This teaches them that trades can continue to run in profits and even if their trades don't go in profits, they would have already locked some profits.


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      Though it is advisable to let your profits run while cutting your losses short, you have to project the extent of the run so as to avoid a winner becoming a loser, as sometimes happens when you fail to take what the market has given you at the right time.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


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      Quote Originally Posted by Kadiri View Post
      I have heard a lot of talk about letting your profits run and cutting your losses and the same people who advocate this position often also tell us how to have confidence in trading and also how not to be greedy and again how not to be fearful, at and the end of the day we wonder: What exactly should we do then?

      If you are a good and professional trader you will know how to split trades and run reducing lot size positions on multiple trades but this post is for the NEW TRADER. If you let your profits run just because you think the trend might continue, such profits might simply just RUN AWAY, and you do not want that. The simple solution is to have a target for Take Profit and stick to it.

      If you choose to always cut your losses all the time, you might just be cutting short a lot of winners. You must and should have a stop loss for your trades and then you should always allow such trades to run the logical conclusion. This is the part where risk comes into play. Do not allow FEAR to get a hold of your trading.

      When you begin to employ fear tactics or greedy emotions in your trading, it will be difficult to make any real progress in this business.

      What do you think fellas?
      Many trader run their order in profit without setting the take profit target. They feel the price will continue according to their dreams. As you know in market the price can moved up and down so fast, so when the price reverses quickly, they have no way to resolve it. From profit become loss.


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