DislikedWulfgar,
When you are in the trades that are making hundreds and thousands of pips, what keeps you in the trades when large retracements are happening? In other words, how are determining that the large retracement is just a retracement and not a trend reversal?
Brendan.Ignored
For instance I have long positions on the EU from 1.2002 on up to one I just placed here at 1.4529( 11 or so in total)
When i enter a trade I have 3 take profits... When the first one gets hit I move my SL to BE+1 and I DO NOT adjust them...TP2 has a more substantial target and is one of the keys to building my account. The 3rd leg I never adjust until I move into a new Quarterly or annual channel( for instance my SL's on all positions i took previous to 1.3728 are locked in at that position... I will lock in more after we break through the 1.4911( will move SL's to 4184.
So over time these positions build up into massive pips
I pay myself monthly by closing out some of them if I have not made enough With my TP's 1 and 2.
I dont enter many trades... maybe 3 or so a quarter on each pair I follow if they meet my rules of engagement....but I follow 22 pairs plus the DOW, Gold, Silver, and the USDX so there is always opportunity.