How and When to Exit a Trade: Take Profit and Stop Loss Levels | Forex
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Zak Mir, an experienced technical analyst comments about entering and exiting trades. How/When to Exit a Trade. How to Determine Take Profit and Stop Loss Levels. I know what works and what works is successful money management over and above charting or the technical aspects. You take a position, irrespective if this was done on the toss of a coin and you move the stop loss with that position until the market stops you out. The key is to raise your stop loss to breakeven level as soon as possible. That way it is difficult to get wiped out and one day you will have a very big winner. I know that sounds like i'm doing myself out of a job but it important to be realistic what is effective and not effective. Money management is so important in this game. I think you can determine the take profit and stop levels using the average true range but really all you need to be concerned about is raising your stop to breakeven.
Comments
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Thank You!
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One thing i'm worried about is i'm not a day trader, but during the day the stock goes up and down but i'm worried my stop loss will be triggered because of the day traders, i'm more concerned about if the stock is up or down near and after wall st closing bell.so do i use mental stop loss or a physical one? do i only put in stop loss near the end of the trading day and remove during the beginning of the day?
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The baldy South African bloke says not to use a trailing stop. This bloke is saying the opposite. Ho hum.
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Nice one Zak, great sense as always.
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This is the channel I never regretted to have subscribed to. Tons of useful real life experience presented in an easy and understandable way.
But I must say that this video tops all the 100+ I have seen here. Many thanks for making it available to us. -
Great video. Took me 8 years to learn. ☺️
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One of the best and realistic videos you tube. just find low risk entries and keep doing all day, week,month. your account will grow and grow
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most useful info that 99% of these BS youtube videos, all they talk about is how to grow your account and how you can turn 1000$ into millions.
What this guy is saying is what i been doing for 6 weeks now, 50$ wins over and over and few 120$s or ... my account is up 33% already -
I did just that : I put in a trade on Thursday and it immediately went against me. It kept falling and I got a feeling to get out, but I wanted to "believe" in my stop (something I learned in the past) so I held and I finally got stopped out with a thousand dollar loss by Tuesday. Got to "listen" to those hunches. Believe it or not, we KNOW what's right, but we get stuck on things we've "learned and get screwed. Great video. One for my file.
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no such thing as bad children, only bad parents, but i get the point you are trying to achieve lol
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Very useful. About to watch again. Thanks.
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Your rules are excellent but I think depending on who your spread bet company is I would never show my stop. I would have my mental stop on paper or on my Google drive.. The reason is we have seen so many stops taken out far below the underlying price. I had a couple of friends one trading the DAD USD he had a stop 20 pips down and we watched that stop taken out then back to the normal price action. So just a little observation.. Very common unfortunately.
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This is a great video! This guy talks sense.
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This was EXACTLY what i did this morning. Had I have held on to what I KNEW would happen on price I would have pulled 50 points. Still had a good day but frankly could have had an AMAZING day and had the rest of the week off!!! Still, tomorrow is another day!
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Definitely one of the best videos on this channel. Thank you!