What would you do in this situation?

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I have attached a screen shot of  my trades. I entered sell positions on the EUR/USD.

As you can see, the market went my way.

If you were the one at this point, what would you do? Would you close all open 10 trades and go home with the profits?

Or would you leave your trades running in anticipation of further downward movement of the market?

 

 


afiriscott:

 

 


I have attached a screen shot of  my trades. I entered sell positions on the EUR/USD.

As you can see, the market went my way.

If you were the one at this point, what would you do? Would you close all open 10 trades and go home with the profits?

Or would you leave your trades running in anticipation of further downward movement of the market?

 

I will leave the position to run for more profits. there is a high probability the pair will trade downwards.
 
AmitJamuda:
I will leave the position to run for more profits. there is a high probability the pair will trade downwards.
Really ? Why ?
 
angevoyageur:
Really ? Why ?

You were right, AmitJamuda. The pair went further down. But I saw your post too late (or it came too late, whichever). I already closed it when it seemed to be reversing.

Made $100 but didn't make as much as I would have if I had stayed to ride the profits :).

Price actually waltzed through all my take-profit levels 

 

I actually have another trade on and I am leaving it to run. It is on the EUR/AUD pair.

 

I found out it is mostly my fear gets in my way.

Take a look at this one. 

It is actually very close to my profit target. I think I like this community. I might make this my full time job 

 
dafiriscott:

I have attached a screen shot of  my trades. I entered sell positions on the EUR/USD.

As you can see, the market went my way.

If you were the one at this point, what would you do? Would you close all open 10 trades and go home with the profits?

Or would you leave your trades running in anticipation of further downward movement of the market?

There is only one correct answer to your question regardless of hindsight . . .  you should have done exactly what your tested strategy says you should do.  If you do anything else you are not following your strategy and you are then guessing . . .
 
dafiriscott:

I actually have another trade on and I am leaving it to run. It is on the EUR/AUD pair.

 

I found out it is mostly my fear gets in my way.

Take a look at this one. 

It is actually very close to my profit target. I think I like this community. I might make this my full time job

are you sure this is not some sort of marketing something like the ea in the image perhaps. If not then my view is you should have closed some of the trades and left some to see if they would gain further if you didnt have a target in mind otherwise if its an existing strategy you are using then as raptor said you should stick with its exit rules.
 
dafiriscott:

I have attached a screen shot of  my trades. I entered sell positions on the EUR/USD.

As you can see, the market went my way.

If you were the one at this point, what would you do? Would you close all open 10 trades and go home with the profits?

Or would you leave your trades running in anticipation of further downward movement of the market?

IMO, limiting losses using stop-loss orders is necessary. But capping profits is not. I never ever use TP.
 
RaptorUK:
There is only one correct answer to your question regardless of hindsight . . .  you should have done exactly what your tested strategy says you should do.  If you do anything else you are not following your strategy and you are then guessing . . .
Very good answer, I should have thought, but I am not sure that so much people understand what you mean. Yet it is essential.
 
Very good answer, RaptorUK. Succinctly put. I have to confess I have a strategy I programmed into the EA you see on my charts. The EA decides when to enter but (on account of fear) I decided on this account to make the exits myself. This led to several losses that there was absolutely no need for. Honestly, the human factor is the reason I made the robot and from what I see, my confidence is growing in my strategy on this live account. I think very soon all my fears will be a thing of the past. By the way, I lost about 30% of my deposit between Monday and Teusday. But I rationalized the facts in my head and recovered. I give God the credit for soundness of mind and inspiration in helping me analyze the situation. Anyway, I could ramble on an on but the bottom line is your answer was it (thanks) and I had a good day today trading. :)
Documentation on MQL5: Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines
Documentation on MQL5: Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines
  • www.mql5.com
Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines - Documentation on MQL5
 
angevoyageur:
Very good answer, I should have thought, but I am not sure that so much people understand what you mean. Yet it is essential.
Lack of understanding is an early part, and essential part,  of the process of learning. Lessons are best learned the hard, and usually expensive, way so I say, let them learn.  
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