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General Forex Discussion
Take profit or let stop loss be triggered?
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[QUOTE="PaladinFX, post: 36135, member: 18784"] When I read the title of this thread, '[i]Take profit or let stop loss be triggered?'[/i], my first answer was '[i]I'd rather take the profit'[/i] ... lol Okay, on a serious note: [u]Re 1:[/u] You plan your trade, i.e. you have sound reasons to enter a trade, you define your target (T/P) and exit (S/L) and then you [b]let it run![/b] Once you have determined stop-loss and take profit, you should never touch them, because it will interfere with your money management. Exceptions (the only acceptable ones) are the use of trailing stop and the shifting of S/L to BE. [u]Re 2:[/u] 'Cutting your losses' means accepting that not every trade is a winner. Every order needs a stop-loss, to ensure that setbacks can be controlled and don't seriously deplete an account. If the S/L is triggered ... so be it. Analyze the trade, to make sure it was executed in accordance with your Trading Plan, learn from it, and then move on to the next setup. Even Mr Soros, who has made a buck or two trading forex, hehe, had trades that hit his S/L by just a pip or two and then turned 200 pips in the 'right' direction, surpassing his (by now defunct) T/P by a factor of three. It just happens, to everybody. The important thing is to have a sound strategy and [b]solid money management[/b]. With those two things functioning properly, money is being made in forex, regardless of 20-30% losing trades. Cheers, P. [/QUOTE]
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