Locking profits

[janknoah]

Just like stop losses, locking profits can help a trader reduce the harsh losses of trading, especially during news release when you are holding a profitable position.
At such times your winning trade could turn losing, but if you have used lock profits, some locked profits would be saved.
How to lock profits?
If you open an order, say USD/JPY long @ 80.00, when the position moves 30 pips up, you can lock 20pips by moving your stop loss to 80.20 or depending on your lots sizes.
Who locks profits, what's your experience?

[ghprod]

Depend on pair volatile, sometimes lock profit could destroy your profit ..
lets say you sell on 80.00 you want hit TP 100 pips..after 40 floating you set SL into +1 .. and suddenly price create wide spike .. hit your SL .. then down again ... so how about it?

[kalex76]

Locking profit may be dangerous sometimes.

yesterday when the EUR/USD suddenly start falling from the 1.325 level ,i put the TP in the first Support level of 1.3194 .But within a span of time that went up to the 1.312 level .

[adnan10076]

By locking in, that portion of the investment is no longer exposed to risks. All profits are unrealized until the position is closed. That why it is used for profit like stop loss.

[yuventius bhasyudewo se]

sometimes using lock profit I can got more rebates (from rebates account) than close position directly because when I directly close position in rebates account I just only once times rebates but using locking profit I got twice rebates

[ceestech]

so based on the concert of lock profit what are the steps to set it

[radex78]

Sometime if my order get floating profit,i am changed my stop loss in profit area,so if price eventually hit stop loss , i am still get profit,iactually i ever get EA lock profit,but i am not use it in my chart,i don't like use ea

[ilearn2t]

Hello radex78

I'd agree, but the TrailingStop can be seen as an EA, while the StopLoss as manual, I've over 200 trades closed on the StopLoss and all in profit. You only need 11 pips in profit, to set StopLoss as a winning one, were you have to wait until 16 pips before it would close in profit.

Good luck
ilearn2t

[adnan10076]

Forex profit is an idea that has been sold around the internet to people , set a take profit; You can set your stop to be a trailing stop that will lock on profits....

[adnan10076]

Locking is applied as or instead of stop-loss for losses limiting. The mechanism of lock establishment is rather simple – if a deal is unprofitable, there is set pending order at some distance from the price.

[dustlee]

locking of profit is a way to ensure you are not risk your money when the trend change against you. if the price spike, cut your SL and go back up, just re enter the trade and continue to win.

losing money from a winning trade is the worst trade management.

[mohandahmd]

it is very good method to use locking profit and you must use stop loss if your balance is not big to bear loss i do not use stop loss for my orders every day i look for the price will return wait more than 2 weeks difference more than 400 pips and my balance became .94$ so you must use sl

[janknoah]

Locking profits ensure you keep your already made profits. Though not all and at the same time, it prevents you from high losses

[carthago]

Nice that function well with you, but I am also still prefer using stop loss than Trailling stop because it rarely hits my stop loss.

[newentry]

Depend on pair volatile, sometimes lock profit could destroy your profit ..
lets say you sell on 80.00 you want hit TP 100 pips..after 40 floating you set SL into +1 .. and suddenly price create wide spike .. hit your SL .. then down again ... so how about it?

that is the risk and for it the trader have to know about it and get understanding ...so bck to the trader, if they want to save their profit then they can use pip locker and because there is no warranty if the TP will be touched