Trade Management (Updating Stop Losses)
The above shows a trade I placed yesterday,
I entered at 17050, after confirmation of a breakout to the upside.
However, after coming back to check my trade a few hours later, and was in the money, blinded by the "let the trade run, don't touch it." mindset, I, well... let the trade run. I moved my stop loss just around my entry.
That's greed and it's not a profitable 'strategy'.
If you see your trade is in the money, set your stop loss in the money, in this case, I realistically should have moved the stop loss up where the second breakout occurred, you may not get the whole trade exactly your way, but, profit is profit.
The old saying goes, you can't make money if you're losing money.
Chase those %, not the $.
Like this if you found it helpful
Cheers :)
I entered at 17050, after confirmation of a breakout to the upside.
However, after coming back to check my trade a few hours later, and was in the money, blinded by the "let the trade run, don't touch it." mindset, I, well... let the trade run. I moved my stop loss just around my entry.
That's greed and it's not a profitable 'strategy'.
If you see your trade is in the money, set your stop loss in the money, in this case, I realistically should have moved the stop loss up where the second breakout occurred, you may not get the whole trade exactly your way, but, profit is profit.
The old saying goes, you can't make money if you're losing money.
Chase those %, not the $.
Like this if you found it helpful
Cheers :)
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