I've been trading for about 2 yrs.I've recently started trading the /dx.I found currencies are much more important and is a lot harder to find the right place to take profits compared to the emini.I've been using Fibo Retracements and Extensions to set targets.
I have to keep a pretty wide stop for currencies because of the volatility.I place my stop below the low of the previous day.With this strategy its even MORE important to find the right target otherwise a lot of profits slip.
My question is how do YOU know when to take profits and do you you have any suggestions for this new strategy?
I have to keep a pretty wide stop for currencies because of the volatility.I place my stop below the low of the previous day.With this strategy its even MORE important to find the right target otherwise a lot of profits slip.
My question is how do YOU know when to take profits and do you you have any suggestions for this new strategy?