I bailed out of my CADJPY long. For a momentum trader like myself, stops are used to protect against spikes , but if a pair I am expecting to go up, starts drifting lower and starts settling down below my entry price i do not hesitate to cut the cord. I am not married to any position, and i have learned the hard way that there is no shame in getting out with a half percent, 1 percent or even 2 % loss.
Never ever add to a losing position, unless you want to spread your entry in two orders to get a better entry price. When you end up losing 5-10 % on a trade, thats when you start making newbie mistakes and thats when you risk ruin.
Remember traders, there is always another day!
Never ever add to a losing position, unless you want to spread your entry in two orders to get a better entry price. When you end up losing 5-10 % on a trade, thats when you start making newbie mistakes and thats when you risk ruin.
Remember traders, there is always another day!
Its all in the mind.