When I trade I find my long term predictions on market direction to be quite accurate, but often I get shaken out of a position(s) long before my target has been met and then struggle to get back in and rebuild a sizable position. For instance the trends in USD/CAD and USD/JPY over the last year or so.
So, the questions are simple. There are no right or wrong answers, just post what works for you.
What method keeps you in for the long haul?
How do you protect your floating profit?
To look at a daily or weekly chart, in hindsight it's very simple. Just put your stop at BE and let it ride. But this doesn't take into account the mental anguish of watching a wildly profitable position move against you. Where do you draw the line and take some profit off the table, and how do you do this without impacting greatly the profitability of riding the position long term?
Looking forward to an interactive discussion!
So, the questions are simple. There are no right or wrong answers, just post what works for you.
What method keeps you in for the long haul?
How do you protect your floating profit?
To look at a daily or weekly chart, in hindsight it's very simple. Just put your stop at BE and let it ride. But this doesn't take into account the mental anguish of watching a wildly profitable position move against you. Where do you draw the line and take some profit off the table, and how do you do this without impacting greatly the profitability of riding the position long term?
Looking forward to an interactive discussion!
Freedom 30?