Forex Profit taking

Hey there,

there's heaps of posts on trading styles etc but I want to work on my profit taking and I'm keen to see pictures of others trades showing TP, SL, and a short speech on why.

I'll start with my trades today, I opened 4 shorts UJ with bearish move away from flat 50 sma 5min chart, not much to go off I know but I'm going through a bit of a TA is a fallacy phase, and money management is everything. My motto is to max profit whilst minimising risk which as we all know is easier said than done.

I already TP 2 of 4 trades at 113.182 TP of $55 on the 2 trades (each trade 1 lot), now risking $3 on remaining 2, 1 with TP as pic. other open at this stage. I will close last trade depending on PA, trader discretion. I tend to TP too early which throws my RR out. Ideally of my 4 trades I'll try TP 50points 1st trade (I'll use points due to the fact I trade yen as well as EU), 2 trades 100-300 points, and try go for gold of 500 points with last, but I will adjust due to PA, I watch my trades (possibly too closely at times and TP too early). I'll set TP before S/R, or at SMA ( 50/100) or even if it's the end of the hour and I'm getting jumpy.

I have TP 2 trades already as I said and they were only 40point profit at the SMA100 on 5 min chart. That's not inline with above but I've been trading .5 lot recently and today I traded 1 lot/trade so wanted to decrease risk earlier. Yes that throws my RR out I know.

anyway show me your trades !!!

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One of the basic rules of successful trading is to make right decision at right time on right place. Many broker lost their investment because of wrong decision. Another rules of successful trading is to make a good trading strategy. Without strategy it is quite impossible to make profit from the forex market. A good broker can help to make a good strategy. I use [removed] as my broker. They always help me when I face some problem in my trading. They are perfect for my strategy. They are very supportive and the trading techniques are very easy.

 

If you find that you are putting in practice time and are not making any apparent growth in the forex market, it may be worth trying something novel to move your trade forward. The human mind has infinite creativity, so sometimes it is important that we hold it and try something completely new. Also, we develop a small degree of competence in this new field, which increases our level of overall confidence.

 

I couldn't agree more, you have to be decisive and instinctive too. You can't afford a slip up at anytime else you'll loose fortunes

 

One other very important thing to consider in the market is controlling our emotions; It’s been said that fear and greed are the two strongest emotions that drive the markets. If you want to become a successful trader, it is critical you put your emotions in check as much as possible. So, before you hit the button to confirm a trade, take a moment to think whether the trade is the right one by putting the following in mind;
Does it fit within your strategy? Is it within your limits of risk? Do you understand what it means if this trade goes against you?