What do you experience traders do most go for the home run +100 pips or bank 30-50 pips at a time. I try to bank 30-40 pips a day but the last couple months i try for the big runs only to see positions i am up 80 pips or so end up loosing or being stopped out. I see on the chat room people every day sayig there up 120 or so pips so i feel like a loser when i i only make a third of that . Are these guys full of BS or do they actualy do these #, I never hear them say they are down for the day.
It's all a matter of how far you see the trade going before you get in. If you want to go for 100+ pips on your trades, you will likely give back alot of singles and doubles to get there; it may or may not be worth the sacrifice. I generally follow this rule for profit-taking: if there's any chance that I won't be able to stand a pullback (meaning I don't plan for it in advance), then I just get out -- sitting through a pullback means you are going for the bigger move. So make up your mind before it happens.
I don't know what currencies U R trading but the main six (vs the USD) don't move that much to allow 100 pips in a day on a regular basis. Unless of course U R doing multiple trades (though your post suggests a single trade) and even then 50+ pips a day would be phenomenal. The URO for example, averages about 70-80 pips for the entire daily range (of the US session). What am I missing? Happy Trading!
A bird in the hand..... Last night had a long trade on jpy after news and decided to cash in at 45 pips ( 107.10 ) . I knew it would do 107.45 which it did but i chickened out. So i was in a long trade in gbp today and i was up 50 pips and said i would hold out for 90 pips (1.8450 ) . End up loosing 10 pips . Gave away 50 pips +10 loss. I have averaged 300 pips a month for the last 6 months scalping 30 -50 pips . Greed is a bitch. Ill leave the 100 pip runs to the pros. Stick to my game plan 300pips per month. Any thing extra i gamble on the nfp with it at the end of the month.
You cash-in once you see no more gains to be made. An homerun just "happens", you shouldn't plan for it.