Chart below
Fridays action on eur/usd .
Looks like good entry long but "letting your winners run "
the entry got took out at be and retested a further 2 times.
Hope i have illustrated my post descibing how the statement :-
" let your winners run and cut your losers short"
It sounds so simple, But in fact entering from the break of the high would more likely be the winner.
so if we manage to hold this long trade after rising 3 times then to maybe blow through our entry and continue the downtrend.
Just think about the feelings you will experience.
Now think about holding for a week ,a month.
This is why I say when is it a winner or loser?
Graemes's strategy is very simple but its not easy to impliment emotionally.
As long as you are prepared for the emotional roller coaster when a trend does appear we will be very successful.
most trend traders spend 70% of there trading breaking even and small losers . when the trend does appear they make up there losses and make there profits.
Fridays action on eur/usd .
Looks like good entry long but "letting your winners run "
the entry got took out at be and retested a further 2 times.
Hope i have illustrated my post descibing how the statement :-
" let your winners run and cut your losers short"
It sounds so simple, But in fact entering from the break of the high would more likely be the winner.
so if we manage to hold this long trade after rising 3 times then to maybe blow through our entry and continue the downtrend.
Just think about the feelings you will experience.
Now think about holding for a week ,a month.
This is why I say when is it a winner or loser?
Graemes's strategy is very simple but its not easy to impliment emotionally.
As long as you are prepared for the emotional roller coaster when a trend does appear we will be very successful.
most trend traders spend 70% of there trading breaking even and small losers . when the trend does appear they make up there losses and make there profits.
making green pips large and red pips small this is my goal.