In this Trade School post, a methodology for taking stops and taking profits is presented. It should help aspiring traders who struggle figuring out a systematic approach to using stops and taking profits.
A Methodology for Setting Stops and Taking Profits
In the mentorship groups I host there has been a recurring issue with which many traders seem to have a problem. That is, how to set stops and take profits. It’s an important topic. One of the trading axioms you’ve probably heard is “cut your losses quickly, but let your winners run”. That’s great, but how do you craft a strategy to accomplish that?
In the 30 minute video I explain a proven strategy that works. To save some time, don’t forget you can play the video at 1.25x
Pulling it all Together
The key is for the trader to be consistent in the execution of the strategy. The strategy will keep you in winning trades longer and get you out quickly on a market reversal in a systematic way. If you do that, I firmly believe your trading results will improve. I hope it helps you in your trading. If you have questions or get stuck, please reach out. Happy to do my best to help.
As the host of Trader’s Profit Compass, I work hard to inspire, empower, and prepare aspiring traders to face the markets with fortitude, quiet confidence and inner calm. It’s a protein-rich, sugar free environment without ego or judgement. While I can’t promise that joining our group will change your life, I’d like to think it will help your trading. Give it a spin! Nothing to lose and potentially much to gain.
Our group of aspiring traders are into active swing trading using technical analysis to find objective, high-probability, low-risk trades. Using these processes we’ve been fortunate to be winning; not perfect but winning. If that is appealing to you, join us! I’d like to think you’d benefit from the work. You’ll get premium content 6 times a week including a copy of my Daily Profit Compass, Weekend Profit Navigator,along with other actionable content delivered directly to your mailbox. You’ll even get an invite to our new trading room on SLACK.
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