Stop loss / Exit points
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Hi Guys, I'm sure this has been discussed on here numerous times but I just wanted to share a post to ask... I'm having problems with setting a stop loss for my trades which at times turns them more into 'gambles' when not exiting out. The problem is, I'm not sure exactly when to exit? I mainly trade the over goals markets. I understand when to get into certain trades and what times in the match but not went to get out if I feel like its going to be a losing trade? Any pointers and help would be appreciated, because letting trades run and essentially 'gambling' as we know can easily set you onto the road to ruin which I've experienced. How much of a loss should I take as a %? Sometimes if I think the trade is going against me I'll start reducing my liability and taking out some profit through partial cash outs, is this advised? I know to try and aim for 10% profit on a trade in general?
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@Martin Your answer makes a lot of sense.Thanks for sharing
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@oliver-preen can you let me know your strategy in more detail?
Have you tested to compare the results when you let it run or cash out when you think it will go against you? I would suggest split testing those two things if not.
Reason being we are just guessing what is the right thing to do otherwise, I want empirical data that suggests one or the other is the best thing to do.
Everything I do as a trader is so data driven, that way I don't have to decide things or to try to guess the perfect exit points.
