DislikedGuys, the AU bucket trade that I highlighted this morning seems to be working out quite well... however, I have played it rather poorly...
The chart below shows my entry and exit...
After entry, it went 20+ pips in my favour... then retraced... I exited for +3 pips. The reason I exited was that I didn't want to let it turn into a loser...
There seems to be a fine line between not letting a winner turn into a loser... and giving a trade room to breathe...
Any comment on this trade, or giving trades room to 'breathe'?
Thanks,
MagnusIgnored
The important point is taking position at good probability setup.
Then, since we can never be sure of future, if it miss fire, its no a big deal.
Close at BE or whit minor lost, or half at first hesitation and second half at BE.
Mark Douglas trading in the zone ebook go over this subject, and i found it really useful:
Accept the risk, play your edge, and if you take good trade setup, on an avarage, you ll be a winner.
Hope it helps!
Inz!