Made 2 very good and straight forward trades today. Reduced my profit taking average to about 5 pips.
Disclaimer: This is purely for sharing purpose only, not a trading advice or instruction.
Disclaimer: This is purely for sharing purpose only, not a trading advice or instruction.
Trade: Short on downtrend pullback. Auto take profit at 4.3 pips.
Review: Very clear trend. Went in a little too early, but still on the trend line. Quick take profit within 10 bars. Good trade.
Trade: Buy on uptrend, after
pullback and reversal confirmation. Auto take profit at 6 pips, before previous high.
Review: Obvious trend. Waited till doji to confirm uptrend continuation. Quick profit taking after 5 bars. Good trade!
Summary
Auto profit taking takes the stress out of you to click and makes sure you close your position even when it is a quick spike. Taking profit at less pips lets you do a good trade and lessen the chance of market 'noise' affecting the time spent in the position, making it riskier. Remember, less profit is better than no profit. If you have set a level, stick to it as much as possible.
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