I have two questions:
(1) As soon as I am able to draw fib lines, I have been tightening my stop to just beyond the 61.8% level. Is this a good practice or is it detrimental in the long run?
(2) Regarding the maxim "Never let your winners turn into losers". If this is taken literally, then the stop should be moved to breakeven the moment the trade moves into profit, even if only by one pip. I did this frequently the last two months to achieve my 72% run up in equity. Naturally, this resulted in a lot of breakeven trades. No problem. I just got back in on the next pullback. Is this a good technique or will it be detrimental in the long run?
(1) As soon as I am able to draw fib lines, I have been tightening my stop to just beyond the 61.8% level. Is this a good practice or is it detrimental in the long run?
(2) Regarding the maxim "Never let your winners turn into losers". If this is taken literally, then the stop should be moved to breakeven the moment the trade moves into profit, even if only by one pip. I did this frequently the last two months to achieve my 72% run up in equity. Naturally, this resulted in a lot of breakeven trades. No problem. I just got back in on the next pullback. Is this a good technique or will it be detrimental in the long run?
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