Just to add to my point as it may bring reminder/knowledge to myself and others....
All trends come to an end, reverse, and proceed in the opposite direction.
So there is always an optimum low risk : high reward trade at the endpoint of each sizeable trend.
However, the high leverage in a forex account means that we need to be very precise when trading against a trend, or even with a trend, because the inaccuracy in pinpointing the endpoint or even the midtrend retracements may be too large for our account size to handle and expose us to too much risk.
The lesson for me in all this is to take every possible precaution when qualifying a trade, and avoid being over optimistic or careless, because what we are attempting is very difficult, so we need to employ every tool we possess to maximize our probability of success.
If our number of trades becomes smaller and smaller, but our success rate increases, that will be a sign that we are moving in the right direction.
All trends come to an end, reverse, and proceed in the opposite direction.
So there is always an optimum low risk : high reward trade at the endpoint of each sizeable trend.
However, the high leverage in a forex account means that we need to be very precise when trading against a trend, or even with a trend, because the inaccuracy in pinpointing the endpoint or even the midtrend retracements may be too large for our account size to handle and expose us to too much risk.
The lesson for me in all this is to take every possible precaution when qualifying a trade, and avoid being over optimistic or careless, because what we are attempting is very difficult, so we need to employ every tool we possess to maximize our probability of success.
If our number of trades becomes smaller and smaller, but our success rate increases, that will be a sign that we are moving in the right direction.
I come from the future.
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