Interview with a FX Trader: Moving Your Stop Loss to Breakeven 💭
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- Опубликовано: 5 июл 2019
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Moving your stop loss. Some people say that moving your stop loss to breakeven is not effective - breakeven means nothing..etc Others look at the psychological perspective as opposed to the operational perspective. I prefer moving the stop loss to breakeven than to leave it. Once a trade is in profit I won't let it go into negative after that. When I start the trading day I want that morning volatility out of the way. OK.
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My trading changed and I won more trades when I started to play good defense, traders should listen to his advice more often
True. We might miss a couple of big moves but it will be less psychologically damaging than taking a loss which is good long term.
Knowing your edge will allow you to know what is supposed to happen when you are right. Anything that deviates should be nixed immediately. When your thesis is broken, why wait to take a larger loss? Hoping that it will come back is not an edge.
I have backtested my patterns to know if a break even risk change is beneficial or not over the long run and it is. Every edge is different, know YOURS.
I trade the daily chart and scarcely the 4 hour chart when I need a quick buck. Irrespective of the time frame, its essential to open two trades each half of the total size of the position you intend to hold. Now use the same stop loss for both trades but only one should have a take profit equal to your ATR reading. When your take profit is hit, its then when you can move your SL to break evrn . No more losing but merely monitoring your profit and determining when to exit.
Loving this interview in segments, love the format 👍🏻
This has been a great series so far Mark, thanks for putting it up there.
Really looking forward to the rest
Love this interview, this guys stories are carbon copies of what I've been going through, every story resonates with me, even watching the screen till USA close and beyond....
A few good men!...Great to see you extending the exceptional coverage of the Chanel man. 👌
This was really good. Thank you!
Quite frankly, when scalping my stop goes into profits ASAP ..
Thank you for this interview
invest smart ..keep it simple...!!!
When I’m 15-25 pips in profit I always move to break even makes it a risk free trade 👍🏻
I take some profit to protect my mental capital. Then I leave the rest alone just in case we are in a trend day. 👀
I'm the same, I hate giving back profits. Absolutely hate it. Analyzing my past trades so far has led me to infer (for now) that moving my stop to breakeven at 0.5R works best for me.
IMO if you are looking to move your stop after 25 pips to BE when your target is 200 pips and its from a psychological point of view, to me it means you haven't fully accepted the risk of the trade and your too concerned about being right.
Respectfully, I do this all the time.... I know I’m not going to get 200 pips every trade and -200 pips is the same as I risk on every trade which is roughly 2 percent of my account. If u calculated your lot size right losing 200 pips is almost nothing at all. All it does it add on to my original risk to reward ratio if it goes my way. I personally start at 1:1 ( + 20 pips 1st TP) at 0.04 lot size and I’d have 3 Take Profits ( + 20, +40 and +140) . I keep my stop loss the same every trade which is 20 pips. So on a 1000 dollar account risking 2 percent ( 20 dollars ) I would have to go with a 0.10 lot size for every pip to be worth 1 dollar and for me to only lose 20 dollars when I lose 20 pips. Contrast this with a 200 pip stop loss , to risk the same id have to open a 0.01 lot size to lose exactly 20 dollars when I lose 200 pips. So long story short, your stop loss distance and your lot size play a huge part in risk management .
Thank you for these videos, it's always nice to see other traders styles/take on the markets. I salute you also as I don't know how you put up with some of these clowns comments.
You forex guys are crazy....I dont know how ya do it guys.
With new micro futures, a single open book exchange, commissions (spreads) at a reasonably low rate, transparency, and so much more...retail forex is dead, or should be (except on the futures market).
Don't tell me you killed it all by yourself..boy i don't wanna mess I
With you! XD
Mark there is no topic in FX that you have not touched.
Guys, if you don't want to miss any of our videos make sure to 'Subscribe' to our Channel and click on the 'Bell' icon (🔔) next to the 'Subscribe' icon so you get alerted by RUclips whenever we upload a new video or post something in the Community section. For our full interview with Peter, a forex trader please check this playlist ruclips.net/p/PLnSelbHUB6GR2DFL1pBL6gTX21gkQIZDr If you would like us to do more of these type of interviews please like and share the videos to support us!
What is the interviewers name? Love how he breaks things down? Could you do a video on risk management? I'm struggling getting my head around lot size and leverage...🥵
Check some of our videos on risk management: ruclips.net/video/AiHr1eUblUc/видео.html
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