How many pips till you close your position

[Knew 2 4 X]

Was wondering if you have an average of how many pips you try to gain per position before you decide to close it. In the demo Ive been aiming 15-20

[Giotto]

Depends on your strategy and spread. Can be 10pips on small frame and 100 pips on 1&4Hr. But I try to take one lot out at +15. Trading 5&30min timeframe.

[Fatman in the H]

Originally Posted by Knew 2 4 X

Was wondering if you have an average of how many pips you try to gain per position before you decide to close it. In the demo Ive been aiming 15-20

I am live trading off the 1 hour chart and target 40 pips.
I am trialing at the moment just running a trailing stop of 50 pips. But as I said trialing and see how it goes.

I have had reasonable success at 40 pips level, at the moment running 60% prfitable trades over the last 2 weeks.

[Knew 2 4 X]

What about on a small lot of 100 ? With a small account ~$1,000.

[Truville]

Originally Posted by Knew 2 4 X

What about on a small lot of 100 ? With a small account ~$1,000.

Why would your account size have anything to do with how many pips to take?

[happytree]

Originally Posted by Knew 2 4 X

What about on a small lot of 100 ? With a small account ~$1,000.

Your method or system should tell you when to get out of the trade whether it be positive or negative. Once you enter you should have a realistic expectation of where price movement will take the pair. Whether you target a fib, an EMA, or some S&R there should be a realistic profit target. The targets are the same regardless of account size.

But if you are really trading the way you said are with out charts just using highs and lows then you have no way to target a profit exit or a stop loss.

Good luck to you.

[MrH]

You should just try to keep an eye on your risk-reward ratio:

if you risk money by opening a position (the spread on a contract) you should get paid for that. And not just the same amount, but at least 3 times the spread. If you enter positions by flipping a coin and set your stop-losses very tight and let your winners run, you shouldn't have an outcome of 0 profit !
That's why I always use pretty tight stop-losses, but trailing take-profit orders: in that way I cut my losses, let my winners run and lock in my profit at any time of the trade.

[elmagd2000]

Beside my system entry and exit rules, I like to use a variable SL based on many factors:
- Volatility of pair.
- Volatility of time
- Near S/R levels (pivots, Fibos, Daily highs and lows, major MAs like 100, 200 . . . etc.)

ATR could be an option.