Hello Rick, thank you for all your videos. They have been very helpful with my trading.
I was wondering do you move your stop to breakeven at anytime within a trade.
Thank you.
admin
12 years ago
thanks, Keenan. Moving your stop will depend on how many contracts you are trading. If you are trading a one lot it will be a bit more difficult to know when to move your stop to breakeven. Move it too soon and chances of getting tagged increase. If you trade one contract and price reaches your target area but your order to take profits is not filled, I would move your stop loss to breakeven to prevent the trade from becoming a loser. I know that is a general statement but it is important to protect your account at all times. If price exceeds the previous swing high/low and you are still in the trade I would move my stop loss to b/e.
if you are trading multiple contracts then I would move my stop loss to b/e when the first target is filled. This is assuming you are legging out of your position rather than all out at one price. (I favor legging out unless I am trading countertrend where I will usually be all in or all out)
It is important to get to a ‘free’ trade status when trading multiple contracts.
hope this helps.
Rick
Keenan
12 years ago
Thank you so much that helped alot. This moring on pound i broke my postion size down to trade 2 contracts. The first postion i exit at the keltner and the second i exit at the swing high/low. I moved my stop to breakeven after the first target was hit. Thank you for the speedy reply. Im having alot of ahhh moments. After stuggling for so long it’s all starting to click. Many Thank you and the efutervision staff. Simply wonderful
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Keenan
12 years ago
Hello Rick, thank you for all your videos. They have been very helpful with my trading.
I was wondering do you move your stop to breakeven at anytime within a trade.
Thank you.
admin
12 years ago
thanks, Keenan. Moving your stop will depend on how many contracts you are trading. If you are trading a one lot it will be a bit more difficult to know when to move your stop to breakeven. Move it too soon and chances of getting tagged increase. If you trade one contract and price reaches your target area but your order to take profits is not filled, I would move your stop loss to breakeven to prevent the trade from becoming a loser. I know that is a general statement but it is important to protect your account at all times. If price exceeds the previous swing high/low and you are still in the trade I would move my stop loss to b/e.
if you are trading multiple contracts then I would move my stop loss to b/e when the first target is filled. This is assuming you are legging out of your position rather than all out at one price. (I favor legging out unless I am trading countertrend where I will usually be all in or all out)
It is important to get to a ‘free’ trade status when trading multiple contracts.
hope this helps.
Rick
Keenan
12 years ago
Thank you so much that helped alot. This moring on pound i broke my postion size down to trade 2 contracts. The first postion i exit at the keltner and the second i exit at the swing high/low. I moved my stop to breakeven after the first target was hit. Thank you for the speedy reply. Im having alot of ahhh moments. After stuggling for so long it’s all starting to click. Many Thank you and the efutervision staff. Simply wonderful