Let the Market Take you Out

Fx Label

Newbie
Apr 23, 2016
51
2
2
27
Most Traders like myself
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often exit the market because we ‘think’ we know what is going to happen. You need to understand that you never know for sure what will happen next, you have to trust your trading edge and then let the market play itself out. Forex trading is a game of risk and reward, and since there is risk involved with every trade you take, you need to accept that risk and look at it as the price of being a trader, and embrace it. The more you fight against the inherent risk of being a trader and try to close your trades out early, before they hit your pre-planned stop, or perhaps not even use a stop loss because you are ‘sure’ the market will turn back in your favor, the greater the chance of you losing a lot or all of your trading money
 
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Reactions: 37riched

radex78

Banned
Nov 15, 2015
676
17
54
45
Yes right actually we will never know where price will move ahead, here as trader only work with probably about the trend ahead with learning tendencies in the market that often repeated same similar pattern, even use technical analysis approach and fundamental analysis approach but after making decision hence the market will determine, we only making plan and whatever result of these plan it part in trading even pprofit or loss
 

GazFx

Banned
Nov 13, 2012
478
73
74
62
Melbourne, Australia
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I rarely set a take profit target, but I always use a stop that I adjust throughout each trade. First I look for breakeven, then I look to lock-profit as the trade moves along. I will close a trade manually if I see a clear reversal pattern forming, otherwise I let my stop close out a trade.
 

inggo

Banned
Jan 13, 2012
498
12
59
Philippinese
yup thats really a good strategy, i only put some TP when i know ill be away for some time, while mind setting my self to accept the lose before hand so i wont get too depressed about it lol. but yeah, its always a good idea to move the SL to a break even point or better yet to a profit point even if the market reverses and ends up giving you pocket change, trust me i would take pocket change any day over a lose.
 

Ary Barroso

Active Trader
Jul 9, 2017
908
71
39
35
I rarely set a take profit target, but I always use a stop that I adjust throughout each trade. First I look for breakeven, then I look to lock-profit as the trade moves along. I will close a trade manually if I see a clear reversal pattern forming, otherwise I let my stop close out a trade.

Interesting; but in my trading I always use stop loss & take profit; as I believe TP is useful to make sure maximum profits from the market.
 

Ulacan

Trader
Feb 21, 2019
91
9
24
The reason why we use stop loss for trading is to ensure you don't risk more than you can afford to lose. Much as it is necessary to exit if you see a sure turn against you in a trade, I tend to think that letting stop loss take you out is the best option. Trading without stop loss is also a problem since you presume that the market will favor you. Don't be surprised if things turn against you
 

37riched

Active Trader
Dec 26, 2018
117
24
34
37
True. I that a trader who exits the market early is just suffering from lack of confidence, which is very important in trading. I am for letting your stop loss take you out. After all, you never know the turn that the market will take. So you might exit only to regret later
 

Dictorsto

Trader
Dec 23, 2018
56
4
24
37
I find this situation quite frequently with new traders. This is why due to the fact that they lack discipline and mental strength. They need to practice to stick with defined trading strategy no matter what currently is happening on the market