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.
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