Again, I got two setups done here. One may argue that why take only 1:2 profit target when you could have more. Of course, that is on hindsight. Plus, to do that you need to glue to the computer to close your position and while some like the thrill, I am OK with this strategy.
I won't advocate increasing your position size unless you are very confident but still, it is best to keep things conservative. What you want is CONSISTENCY !!!!
Notice that some of these positions were closed several days later which means you go to sleep knowing you have a tight SL and won't wake up with many zeros in red staring at you.
Looking at current price action, it looks like it could close 50% higher than the previous days which means tide may turn so will be observing the chart.
It is better to have frequent small profits of 2 vs risks of 1 over a period of time than to have volatile ins and out of your profits and losses. Again, different folks, different strokes. My strategy may not be to the liking of others who prefer to use leverage or go to smaller time frame like 5min or 1min to capture the quick moves. If that is your cup of tea, make sure you always use SL.
As usual, please DYODD
Remember - it is not about the losses you got hit but the ratios of your losses compared to your profits. You can still be in the green with just 4 positions of profits and 6 positions of losses. (4x2 = 8 minus 6x1 = 6 , your net position is still positive 2)
I won't advocate increasing your position size unless you are very confident but still, it is best to keep things conservative. What you want is CONSISTENCY !!!!
Notice that some of these positions were closed several days later which means you go to sleep knowing you have a tight SL and won't wake up with many zeros in red staring at you.
Looking at current price action, it looks like it could close 50% higher than the previous days which means tide may turn so will be observing the chart.
It is better to have frequent small profits of 2 vs risks of 1 over a period of time than to have volatile ins and out of your profits and losses. Again, different folks, different strokes. My strategy may not be to the liking of others who prefer to use leverage or go to smaller time frame like 5min or 1min to capture the quick moves. If that is your cup of tea, make sure you always use SL.
As usual, please DYODD
Remember - it is not about the losses you got hit but the ratios of your losses compared to your profits. You can still be in the green with just 4 positions of profits and 6 positions of losses. (4x2 = 8 minus 6x1 = 6 , your net position is still positive 2)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.