Disliked{quote} Firstly, Long term is both not a measurable target (one persons view of LT could be a week and anothers a year) and to be honest it is irrelevant because eventually markets come back. Employing a Break Even strategy and being happy with it is also quite pointless because you will have opportunities or signs that a turn is coming and taking some, or all of the profits may be beneficial. This all being said I think if you chew yourself up for not taking profits, or not leaving trades running because of hindsight then you will not be [as] successful....Ignored
I also have trouble sitting on my hands. I definitely plan what I trade, keeping both the technical and fundamental aspects in mind, just trying to fine tune the plan! lol.
This is why I really appreciate everyone's different perspectives on this matter, as it gets me thinking about options that I might have otherwise overlooked. Of course these perspectives will differ because, as you said, there are different views of what Long Term really is.
I'm a big believer in finding out what works for you, taking peoples advice and fine tuning it so that it fits in with my style and view of the markets.
For the most part, I like to employ guidelines as opposed to hard and fast rules and percentages... I'm big on having the ability to exercise discretion.
I really enjoyed the millipede and similar threads, but have limited margin with my Canadian broker so it is difficult to be long and short in the same pair without using up my maintenance margin quickly.
I recently opened an account with Pepperstone with much higher leverage and am still trying to get used to their platform, which doesn't hold a candle to my current platform.
The idea with the Pepperstone account is to hold long term positions in higher margin pairs like the Pound and possibly build a Silver long position.
I don't want to trade with high leverage as some might assume, it's just that the maintenance margin requirements in Canada are brutal.
Freedom 30?