I had entered a trade today in GBPJPY early in the morning just waiting for the price to breakdown lower. My stop was wide (80 pips).
All day I watched with baited breath as it violently swung up and down almost hitting my stop. One minute I had a good profit and then within five or so further minutes, a loss of the same amount!
Eventually, just as I was about to finish for the day, a quick breakdown in price hit both of my targets with ease.
The moral of this story is to ‘Set and Forget’ i.e. don’t continuously watch a trade of this sort, or to just be patient and let the market do what it wants.
My analysis suggested that the price was to go lower, so why get all stressed out watching it move up and down all day!
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