Can you move the TP? Is it wise to move TP?
Jun 10, 2022 at 10:27
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2 Replies
Biedrs kopš
48 ieraksti
Jun 10, 2022 at 10:27
Today I’m answering questions I received from a beginner trader. Take this knowledge and use for your own needs.
'I am a beginner trader. Sometimes I have a mental blackout, i.e. when the market reaches my TP, I move it once and then a second time, but then the market backs off. What to do in such a situation?'
Start by taking the established TP. Don't take more, greed is a bad advisor. The decision of where the TP and SL are should be made BEFORE taking a trade and should be based on the assumptions of the system. These things are not likely to be moved. Grab all the TPs that are there :) Occasionally there is a situation of an obvious opportunity to move the TP because the market has started rushing in a direction. But there is no point in complicating your life and taking a risk. Especially if you are an inexperienced trader.
It may happen that in the course of the trade the opposite signal appears. Then we simply exit the market. TP and SL is not something you have to wait for regardless of price movements. No. We manage the position all the time. Instead, we protect ourselves from greed and moving the TP. Take what the market gives you, don't play around, because it stops being the system you have.
'I am a beginner trader. Sometimes I have a mental blackout, i.e. when the market reaches my TP, I move it once and then a second time, but then the market backs off. What to do in such a situation?'
Start by taking the established TP. Don't take more, greed is a bad advisor. The decision of where the TP and SL are should be made BEFORE taking a trade and should be based on the assumptions of the system. These things are not likely to be moved. Grab all the TPs that are there :) Occasionally there is a situation of an obvious opportunity to move the TP because the market has started rushing in a direction. But there is no point in complicating your life and taking a risk. Especially if you are an inexperienced trader.
It may happen that in the course of the trade the opposite signal appears. Then we simply exit the market. TP and SL is not something you have to wait for regardless of price movements. No. We manage the position all the time. Instead, we protect ourselves from greed and moving the TP. Take what the market gives you, don't play around, because it stops being the system you have.
Huge Changes, New Ideas & Decline Of Traditional Investing
Biedrs kopš
538 ieraksti
Jun 10, 2022 at 10:59
Agreed. TPs and SLs are based on structure for me. I may take a partial if I think the move could have legs based on HTF analysis but the initial TP remains the same. Can't go broke taking profit.
If you can't spot the liquidity then you are the liquidity.
Biedrs kopš
48 ieraksti
Jun 20, 2022 at 12:24
sebking1986 posted:
Agreed. TPs and SLs are based on structure for me. I may take a partial if I think the move could have legs based on HTF analysis but the initial TP remains the same. Can't go broke taking profit.
Thak you for sharing this! Also, good job!
Huge Changes, New Ideas & Decline Of Traditional Investing
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