Thread: Stop Chasing Pips!

I think it depends upon the traders the way they prefer to utilize stop-loss trading tool! By the way, I set my own SL and TP in line with the standing of nearest support and resistance levels! Yes, sometimes I put my SL TP using the buffer (couple of pips above and below) system.

Each trader is individual and something which works for one person, might be totally wrong for the other.

For instance I have a friend that trades with SLs and TPs however that I can not do this. My egy is different and that I like to keep an eye on my trades to shut them manually.

Of course I utilize TPs and Trailing stops occasionally but I do not build my trading on pre-calculation of the TPs and SLs

The only reason why a professional trader feels they're pursuing the trade is when they've no company trading or they simply don't have any plan. Nobody should chase a trade. It is similar to going to the market rather than negotiating.

Originally Posted by ;

The sole reason a professional trader feels they are chasing the transaction would be when the have no company trading or they simply don't have any program. No one should pursue a transaction. It's similar to visiting the market and not negotiating.

True. Chasing a commerce means you're trading for the sake of trading and not because you saw a fantastic signal that you can use to profit. Trading in that manner only leads to losses.

It's about probabilities. And just as crucial giving the transaction the time it needs (YES times) to really play out. Chasing pips results in exiting places too soon for smaller profits, overtrading, and overanalyzing the normal changes you can't avoid on the market and ultimately clouds your judgement. I know it's hard to walk away from the trade as soon as your hard earned cash is at stake, but that is why proper risk management, position sizing, and stop losses must be used. Likeforexforum.co.zamanhood RicardoDS said in my previous thread, ”A stop loss should be put in a zone where the transaction idea becomes invalid, the majority of the traders place their stop loss in a means to achieve the risk reward they desire, and it is wholly wrong. A trader will remain unprofitable until he/she realize this.” If you can't go to bed peacefully because one of the trades are available, you're not using optimal money management. Simple as that. You see an original zone which has been created and has not been tested however that price is coming and reveals a good risk: reward opportunity, you put in an order and continue to live your own life. In the end, not one of us can predict the market, we are only trying to put the odds in our favor. If I profit my 2 (see my previous post) I consider it and continue on to become adept in my own approach. Inside this field nothing is 100 percent and that's why you want the ideal mindset to live in the long term. Meanwhile, I continue on saving to cultivate my account (I am currently deployed so that helps tremendously) and concentrate on learning the ideal knowledge needed to succeed in this market.