Well, It was bound to happen – just thought that it would be a good idea to get down in text my everyday experiences to help me and others learn to trade, focussing on those little aggravating points that nobody ever mentions, but are all part of the trading experience.
Yesterday I watched as one trade was in profit by 70+ pips and then saw it turn and not only wipe out all the profit, but stop me out in the other direction – how annoying is that!
There are a couple of obvious things to learn here – the first approach would be to watch the chart and see a retracement form and then GET OUT! – yes, easier said than done. This way, I would only lose a little of my 70+ pip profit, but at least walk away with something.
The second approach would be to always make the first ‘target’ (executed on ALL trades) easily achievable, thus locking in some profits.
The second approach is better if you are not peering at your screen all day and to be honest I’m not! That’s why I came back to find my lovely profit gone! – still, lessons learnt.
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