In this video post I share with you on how I go about setting my trades to breakeven, using the structure of the markets.
I hope you have enjoyed this week’s video post. As always, comments are welcomed and encouraged. Cheers!
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Rayner thanks for the video.
I am getting good trades but only making 80-100 pips only, where I can get at least 1000 pips minimum. I think I know now how to hold the trade longer and shift the SL to BE when market structure change but not when I think comfortable.
HI Kam,
You are welcome. Yes that’s right, get hold of your emotions and allow your profits to run.
You will see beautiful things at the other side.
Rayner
how long do u stay on a trade
and how do u deal with swap.
I stay long on a trade on my demo account but i usually get a negative swap and this affects my profit.
Hi Chio,
I stay in the trade as long as i need to be and not a second longer.
If price goes against me, i could be out in a day. If price move in my favor, i could stay in it for months.
I ignore swaps because there will be both negative and positive in trade. So they usually net of each other.
Rayner
Why don’t you start a PAMM account? I think you might do good with it
Hi Evan,
Thank you for the suggestion, I will look into it.
Cheers!
Rayner
Hey Ray,
For instance, for a time like yesterday night/today morning (SG time), where any rate announcement (change or no change) would likely trigger stops within the 2 ATR range, does your strategy remain the same?
Concern is the same for other volatile days where swings of 100+ pips in both directions could happen.
Thanks
Hi Robert,
Yes my strategy and stoploss remains the same. I don’t change it.. last night was one of those event that went against me and stopped me out.
But likewise it could have went in my favor as well. I can’t predict so i just manage my risk and let the markets decide.
Rayner
will you risk being in profit of 500+ pips and later losing it all just because you failed to trail your sl properly?
gold is quite volatile when it wants to be. and it seems like you were up more than 500+ pips on that gold trade., but you didn’t trail your sl.
what happens if the trade had retraced up, and broken through resistance to hit your sl.
Hi Chief,
Pip is subjective because different markets have different volatility.
I use R instead. I’ve had a few trades where the price went in my favor 2R and still stopped me out for a loss.
Rayner
Hey rayner. Great video. Thanks for this!
When would it be a good idea to begin pyramiding into your position? Would it be after trailing your stop loss to breakeven? Or do you generally just let the initial position run?
Hi Jeff,
I generally look to scale in when I’ve got at least 3R in open profits. And I’ll scale in with a smaller position size on subsequent trades.
Rayner
Very nice video. I am one of your strongest follower.
I have a question. You always teach about NOT entering trades away from moving averages. Why did you enter so far from MA.
Hi Kumar,
To be honest this would be a case of knowing when to bend the rules.
Most of my trades are not too far from MA, but there are times I do enter even though when the market is far from MA. Especially in strong trending markets.
Rayner