Stop Loss and taking profit

[Peter2047]

Hi All,

I would like to seek comment from experts here. I follow this method.
1. Cut loss if price drop 10% below my cost.
2. Take profit if price pull back from peak.
% gain pull back take profit
10% 3% 7%
20% 5% 15%
30% 9% 21%

This is the chart.
stoploss.jpg

Please help comment if this an effective approach. Any improvement ?
Thanks in advance.

[Peter2047]

Judging from the respond, I think this may not be an appropriate topic.
My apology.

[wombat40]

What the heck are you on? Let me know, i want some...lol

[Joules MM1]

Judging from the respond, I think this may not be an appropriate topic.
My apology.

real life examples get a productive response.......different to theoretical and philosophic ideas.....at some point you have to get to "this is where i entered and this is where i closed" and "i entered here because, i closed here because" .....so try that route next.......

two accounts compete for price, it's an auction, nothing theoretical, nothing linear, just an auction.....

[Peter2047]

real life examples get a productive response.......different to theoretical and philosophic ideas.....at some point you have to get to "this is where i entered and this is where i closed" and "i entered here because, i closed here because" .....so try that route next.......

two accounts compete for price, it's an auction, nothing theoretical, nothing linear, just an auction.....

Here is the real example of my trade on XLF.
Ticker XLF
Buy Date 19-Feb-12
Buy price 14.07
Exit Date 27-Aug-12
Exit price 15.13
% gain 7.5%
Peak 15.98
Max gain 13.6%
% pull back -6.0%

I suppose there is no best answer for the "% of pull back from peak".
Based on the chart, I should exit at -3%.