iCharts Discussions

[yesican]

hi all

all have heard about let your profit run..... but i felt its very difficult.....yet most important,,,, experienced traders please share valuable informations and ideas about managing a trade..... how to take maximum profit..... how to control mind....how to overcome fear etc.....

[sherbaaz]

exit can never be perfect the more u try to have perfect exit the more you realize it .

it is something with which u have to live with.

now the Q comes how to protect profits well there are many ways of doing it but the basic is cover yr half position at cost (intial sl+taxes & charges + brkg).

have some system of trailing stop loss. 5 tf its difficult and at times there is a spike which take you out. on 15 min tf you can use ATR base stop loss. or swing high low base which is also good.

other way of doing is if u have a definite price where u want to exit thn trail yr sl till that point and exit @ definite price.

there are many ways the above are a few egs. with exp u can develop yr own exit method.

regds

[opportunist]

Use GFZ to find targets. Great system but may not work in strong trends

[falcon]

Would you change the title of the thread to a decent-looking one please?

[falcon]

[veerappan]

just keep on watch your breath.... enough... its a practice... initial stages.... re-actions will be more and most...... u will get the flow slowly.... then u dont know the value of that.... its automatic like a normal breath......just start in the morning.... dont do anything.... sit ideal place...[ i mean select one place upto once u get a flow].... watch your thoughts....people will say its not possible... y bcoz ... whatever so for u did that will come first and not fulfilled thoughts will come first....or u cant then just watch your breath... both are related only..... is it related to stock market also? dont ask me... just ask yourselves..

veeru
chennai boy

[yesican]

[yesican]

[sathya999]

as already mentioned that is difficult task. u can never get all the points u can. Either
1.U can let profits run till ur system reverses.
2.Have fixed target or fixed way to exit.
a. Say bnf on 30 min chart will most likely give 200-400 points, so if u
get 250+ points be ready to exit? Each stock will have its own
characterstics,
b.Use par-sar or ATR
c.Decide how many points per month, say 100, so 4 moves of each 25
points.
d.Read Speculators, money management, and profit taking rules from
forum.

Regards

[amitsaraf21]

[opportunist]

Trading should be done only when you have a strong belief in the direction of the price movement. It is easier to hold your beliefs when u discover a trend that is starting. Mostly traders make money when they ride such a trend. The whole idea of exiting the losses quickly but letting the profits run depends on latching on to a good trend.

So first you must be sure of a trend in your chosen TF. For that you must look into few higher and lower TF movements. For example if you trade 15 TF, look at 30, 60 TF to get general tendency and then enter using 5 or 10 TF.

Now 15 TF is your battlefield. The trend (say bullish) is going fine. So what is the target where you should exit? One way is to simply set Trailing Stop Losses (TSLs). This method works like this: Always set your TSL at the low of the last candle. If the candles are very small or your risk appetite is large then set TSL at the low of two candles before the current. Ultimately the trend will end and you will be stopped out thus automatically reaching your target profitably. For short trend set TSL at the high of the last candle or high of the last to last candle.

The above may sound a bit complicated but is simpler in real life with some practise. Some paper trading may be helpful to fine tune your method or if u can afford, some real losses to experiment and finalise the strategy. One must be alert for the trend to be ending. Signs of reversal would signal end of trend. You may find few indicators like a particular Moving Average or the RSI giving a good signal for reversal. Also u must keep checking the higher TF (that is 30 TF or 60 TF if trading on 15 TF) to ensure that your trend is intact or fading.

Hope this helps

Regards,

Opportunist

[yesican]

[yesican]

[sethu45]

Trading is a skill like driving. If we buy a vehicle we will be using it for a minimum of 5 years. Adjusting it, tuning it for better performance, servicing it periodically for maintaining good condition etc etc. Likewise , have to trade only one and stick on to it for minimum 1 year. Have to trade daily. Have to take care of the scrip as the way we are considering the vehicle. If we met with small accident we are not leaving the vehicle rather getting it repaired. sameway have to go with the trade. We have to choose the scrip and the route, i.e. intraday, positional, and stick to that until we reach destination. This will be very very difficult in real trades as we see all the scrips running when the market runs. Have to have emotion control and better control on finance. If we follow strictly on this the money will follow us surely.