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Monday, October 21, 2013

How to take profit?

Traders are always been good in taking entry. Entry can based on anything, price action, indicators, trend  and more... but one concern thing is about the taking profit point. As for before, i am taking profit just using different R:R ratio. another thing i like is the pivot. By  using this i got myself in trouble sometimes like retacement, phychology and other stuff.

Its was long since i have been told bout " Let your profit runs" by one of my trader mentor/friend. He told me to take profit as with the trend and taking profit  as the price move on. taking example, i had a trade with a 20 pips SL , when the price reach 20pips in net profit, i will take 50% of, this means that i have now a free trade. No risk at all. then taking again profit at different level in different situation. Just i magine a rocket like Apollo taking off. it will need few times to take in into space with few burst and the rocket is getting smaller and smaller.

The Pros in this Profit taking is the risk is lower, and you need no more thinking of getting loss when you half some profit and this give you a clear mind to what happen next. in the other way. Cons of this way of profit give you lesser profit in one trade.

Anyway, it is a good profit way for me, and for you? think of it...

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