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3 Comments

  1. Prateek-Reply
    April 19, 2017 at 9:47 am

    Hi Charlie,

    Just wanted to hear your thoughts on the risk/reward bit where you mentioned a trader was risking 80pips to get 4pips. Say if you are in a trade, originally 50pips stop loss and target of 100pips (2:1 RR). Now the trade moves in your favour, and you are only 10pips from your target. The RR now is 90 pips to gain 10pips. As you say we should stick to the plan, how would you manage this out? Many thanks.

    • Charlie Burton-Reply
      April 19, 2017 at 11:47 am

      That’s a good justification for taking profits early! Stick to the plan!

      Charlie

      • Marco-Reply
        April 22, 2017 at 11:57 am

        it makesme laugh so much, because now when I daytrade I find myself repeating that line all the time “stick to your plan”, it’s like Charlie is there next to me in front of my laptop and it’s more funny because I’m italian and it has no sense to repeat that in english to myself, but it absolutely works and helps me a lot resisting the urge to exit the position those 2 or 3 pips before my original target and I admit in those cases at the end I ALWAYS reach the target and avoid myself losing those extra bucks. STICK TO YOUR PLAN! STICK TO YOUR PLAN! STICK TO YOUR PLAN! A MANTRA.

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