QuoteDislikedI know, I for one, would not be able to exit a winning trade, and then deal with a hedge that's -100 pips in the hole waiting for it to come back. That just seems to go against everything I've ever believed. And I believe that most traders can't neither.
You never get to that point. I am not going to argue here and this is my last post on the subject because I really don't want to argue, but you manage the whole "position" back to profitability. Price doesn't necessarily have to come all the way back to the original trade to make the "position" profitable. This subject has been debated to no end on just about all of the web-boards and my intention is not to debate but to throw in food for thought on a trading method I know works. Also food for thought- Instead of using a target, what about a hedge trade while the position is in the positive when price is at a resistance point like a round number? Take the hedge profit until price turns back on its way in the trend.
Also- I never said you have to throw away common sense trading like following the trend and using resistance points.
And yes- Any trading takes emotional willpower. Patience is the real key.
"Its not where your at, but where your coming from"