What money means to you psychologically

[FX4Newbies]

I agree, even I use price alerts in a same way. Just little curious on how often do you end up adjusting your TP/SL after an alert?

Hi Simon54,

I hardly ever adjust the SL. I would usually place the SL alert 1/3 to 1/2 the distance from my entry price. If the SL alert sounds, then I check to see if there was an error in my analysis or if I didn't follow my method. If yes, I exit and reassess. If no error, I hold the trade, as my stops are strategically placed and would not usually be hit on a retracement.

Regarding the In-Profit alerts. I may adjust them if the TP is some distance away, as I use them to give me a progress report on the trade. Sometimes, I may take profit along the way.

Hope that helps to clarify things some.

 

[Simon54]

Hi Simon54,

I hardly ever adjust the SL. I would usually place the SL alert 1/3 to 1/2 the distance from my entry price. If the SL alert sounds, then I check to see if there was an error in my analysis or if I didn't follow my method. If yes, I exit and reassess. If no error, I hold the trade, as my stops are strategically placed and would not usually be hit on a retracement.

Regarding the In-Profit alerts. I may adjust them if the TP is some distance away, as I use them to give me a progress report on the trade. Sometimes, I may take profit along the way.

Hope that helps to clarify things some.

Interesting, liked your approach in-profit alerts for progress. I'll try tweaking my SL strategy in a similar way.

 

[FX4Newbies]

Interesting, liked your approach in-profit alerts for progress. I'll try tweaking my SL strategy in a similar way.

Okay. It just helps the trader to walk away and still keep tabs on what is happening....