I haven't posted in a while, despite my continuing success with this method of trading. Here is a recent EURCAD trade that took 2 days to gain me 170 pips - I know I could've gotten more, but I have 2 thoughts on this:
1 - hindsight is 20/20
2 - while there are plenty of threads and comments about letting winner run and millipedes and tsunamis, etc., I have experienced many instances of 100+ pip positions reversing and ending either at BE or ending as losses. If I can average 100 pips per week, I will be a happy man - and an independent man soon enough. I have been averaging 100 pips or more per week since my previous post in October. This trade below could've gained another 100+ pips, but I chose the "bird in the hand" technique for exiting this trade, haha...
I don't dispute those who advocate letting trades go until the market turns and takes you out, I just enjoy taking pips out when I reach triple digits in profit. Perhaps one day, I will open a separate account and trade in a millipede or tsunami fashion. But for now, while I build up my 1st account, I'll enjoy taking 100 pips here and 170 pips there...
1 - hindsight is 20/20
2 - while there are plenty of threads and comments about letting winner run and millipedes and tsunamis, etc., I have experienced many instances of 100+ pip positions reversing and ending either at BE or ending as losses. If I can average 100 pips per week, I will be a happy man - and an independent man soon enough. I have been averaging 100 pips or more per week since my previous post in October. This trade below could've gained another 100+ pips, but I chose the "bird in the hand" technique for exiting this trade, haha...
I don't dispute those who advocate letting trades go until the market turns and takes you out, I just enjoy taking pips out when I reach triple digits in profit. Perhaps one day, I will open a separate account and trade in a millipede or tsunami fashion. But for now, while I build up my 1st account, I'll enjoy taking 100 pips here and 170 pips there...