4&1 All Time Profit:
$37,496
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Dislikedit's important to bank some profit and let the rest run risk free....Ignored
Disliked{quote} With all due respect, I'm not so sure I agree there. I've spent some time thinking about locking in a little profit or moving SL to BE and couldn't really come up with a good reason to do it. It seems to me like your BE point is somewhat arbitrary and the prudent thing to do is ensure your R:R never falls out of favor. Do you disagree with that? This is a complicated subject and I could be overlooking something.Ignored
DislikedThe premise is still the entire RR ratio must be favourable and prioritised but taking partial profits and adjusting your SL is merely a means to reducing your overall risk exposureIgnored
Disliked{quote} Hey bud, I hear your rational. Look. The premise is still the entire RR ratio must be favourable and prioritised but taking partial profits and adjusting your SL is merely a means to reducing your overall risk exposure....consider the following scenario based on what happened today, We literally sold off of the 1hout sell area Wich was the 1410/11 handle.... And whebever price he takes near 1405/6 since we are already in profit close for some profits and reduce your overall exposure. If price comes back to your entry price you're knocked...Ignored
1. Taking an early partial profit.
I think taking an early profit might hurt you. For example, say you want to put on this trade:
TP: 1,450
Entry: 1,400
SL: 1,390
Trade 1
TP: 1,450
Entry: 1,400
SL: 1,390
Trade 2
TP: 1,450 1,420
Entry: 1,400
SL: 1,390
Disliked{quote} Thanks MzansiObi, you have an interesting perspective on this! Before I get started, let me just preface this by saying there are some ways we both could be correct. I'm not discounting your approach at all. I see this as two slightly different topics. Closing out part of your position early. Moving an SL to BE. 1. Taking an early partial profit. I think taking an early profit might hurt you. For example, say you want to put on this trade: TP: 1,450 Entry: 1,400 SL: 1,390 Here you have a R:R of .2 where you stand to gain 5x as...Ignored
Disliked{quote} If you remain disciplined and don't over use it, I'd argue it's a more conservative approach to money management. There's not a good reason why this shouldn't be an option, especially in range bound or very uncertain markets. I'm basically just reiterating what you said because I continue to be surprised by some similarities we share in certain thinking. I am again impressed. It's in the consistency in how you manage different situations with logical, sensible approaches. Ef5, different approaches work for different traders. I've read a...Ignored
Disliked{quote} Hey bud, you're absolutely correct when you say in essence I'm opening two trades. I wanna keep this as simplistic as possible. Consider this scenario briefly. I enter my initial trade and risk 10 USD to make 50 USD, but before I get to 50 USD I close for partial profits and bank 15 USD. And adjust my SL to BE. Consider what happened on Friday. Sold 1410 ish handle 3 times and got stopped out at break even 3 times. But on all three occassions I banked my 15USD so those three trades that, in essence went against me yielded me 45USD, 5 dollars...Ignored
Disliked{quote} I enjoy the constructive dialogue.....only makes us better traders to be honestIgnored
DislikedBeen offline for a few days. Thanks for some excellent insights MzansiObi, Ef5 and EventsTrader. Great analysis and food for thoughtIgnored
Disliked{quote} Glad to see you back bud. Hourly sell zones identified at 1406-1407,6...... Stops above 1410/11 Cautionary winds though as the daily buy zone has ticked up so moneyanagement....Ignored
Disliked{quote} I feel like I am challenged with this trading methodology as I have limited time windows to trade each day. As such, I can't monitor it well for entries and exits. I feel like I need to pick some windows where there are typically some volatility and just focus for a few hours intensely with some shorter term trades. Thoughts?Ignored
Disliked{quote} Yeah man. Then stick to the 4 hourly or daily window. You may notice how I have systematically adjusted and mentioned the daily chart as a point of reference. So by using the longer time frames you can approach it with a set and forget mindsetIgnored
Disliked{quote} Good point. May try that in the week ahead. Going to think through my plans while chilling at the beach this weekend.Ignored
Disliked{quote} Hi Please send them to me as well. Is next week looking buy or sell?Ignored
Disliked{quote} Alright bud......be sure to use sunscreen! Spend some time on the charts.....will revert back to posting setups as they show themselves this week....tahIgnored