I'mhaving a serious problem keeping my profits
- Thread starter Kovacs
- Start date
3 things:
- Consider your position size. Using too big of lots in relation to your account size can really chew up your account if the market gets choppy and you take say 4-5 losses in a row.
- learn about risk/reward ratio. For me I dont get into a trade that isn't at least 2:1 or more (3:1 or more preferred). This way one winner can make up for several losers.
- Use a stop loss. When a trade goes against you to a pre-set point get out and save your money for the next trade.
It sounds simple, but if you let your emotions get involved in the decision process things can go down the shitter real fast.
cheers!
- Consider your position size. Using too big of lots in relation to your account size can really chew up your account if the market gets choppy and you take say 4-5 losses in a row.
- learn about risk/reward ratio. For me I dont get into a trade that isn't at least 2:1 or more (3:1 or more preferred). This way one winner can make up for several losers.
- Use a stop loss. When a trade goes against you to a pre-set point get out and save your money for the next trade.
It sounds simple, but if you let your emotions get involved in the decision process things can go down the shitter real fast.
cheers!
i think what he's trying to say or should have said is that he has entry strategies ready but not exit signal or strategy. consequently, he initially makes money but ends up losing because he doesn't know how and when to exit or quit the trade. in my experience, exitting a trade is far more important that entering it. Good luck.