The classic evening star formation on the EUR/USD charts at resistance or peak made it possible for me to place my trade around July 22 2008 and I sold EUR/USD at 1.5800. Price hesitations around 1.4900 did make me a bit nervous about my letting the trade remain open but then came the realization that I need to test this out.
It is easy to make this happen in a practise account but in a real account one will be bogged down with emotions and be tempted to cash in the trade much sooner.
Hence I have always maintained
- Keep emotions out of trading
- Assume you have already lost the amount of pips you originally had placed the stop at
- You can move your stop to the open price and let it ride as a free trade
- trade multiple lots and close lots at varying points or close one and let the other ride out after having moved the stop to the open price hence guaranteeing you no losses.
Even then it is easier said than done as when has real money at stake emotions will take over.
Would like to know your experiences and lets share ideas .... feel free to post here or at
www.myforexdna.collectivex.com
Posts
1 comment:
It is really nice to know that one actually can really make 1100 pips in a single trade. Forget a single trade it would be nice to make it in a month or two. Now, like you said Doc Fx when it comes to your real money that is a different story. However, to me to have a confident on your trade comes with experience and time for you to let your trade ride all the way. I have a good feeling that myforexdna will provide us that confident in our trade.
Post a Comment