DislikedHey.. I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day. I keep looking at the trade in order to wait for price action to go in my favor, or manually close the trade. Thing is.. many times ive been watching the trade for +5,6 hours.. with very little volatility.. and price not going any where. Then Im stuck.. How do you manage a trade like this? (see attached pic). I got in at 18:13... its 02:13 now. Waiting to see if price is going up or down. its on a critical...Ignored
It seems that most profitable systems have some kind "time" or "session" element to them. Most of the Forex action goes through the European session, you also need to be aware of the various factors that drive the market, there is a great calendar I use every day on this site.
Also this question for you.... How do you know you have a trading edge? How do you know when you enter a trade that it has a higher that 50% chance of moving in your favour?
I live entirely from the growth of my personal trading account