1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Question on stoploss and take profit

Discussion in 'Beginners Bootcamp' started by eduj, Jul 24, 2010.

  1. eduj

    eduj Recruit

    Joined:
    Apr 4, 2010
    Messages:
    3
    Likes Received:
    0
    Am a new to forex trading and need help with this question on trading.
    My question is if I am trading and I place my stop loss and take profit position and the trade seem to be favouring me and I discovered that it is going to go against me and the price line has not reached the take profit or the stop loss. If I close the trade will I lose the profit even if it has not drop to stop loss level
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,634
    Likes Received:
    2,189
    If you close the trade before it reaches TP or SL, then you should get the price you close at (beware of slippage).

    If your personal system calls for sticking to your SL and TP no matter what, then you shouldn't close manually. If your system allows discretion, then don't think of it as sacrificing some or all of your profits, think of it as cutting your losses.
     
  3. ogozi

    ogozi Recruit

    Joined:
    Sep 25, 2012
    Messages:
    1
    Likes Received:
    0
    If you close the trade manually at a price that is higher than the opening price (or lower when you're selling), then your profit is secured. In all, your trading technique should guide your actions.
     

Share This Page