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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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3 comments:
Congratulations buddy!!! I see you did well! Check my newest blog for a chart by chart commentary on how I also traded it. My wife and I were wondering how you would do today, glad to see it worked out!!!!
First my regards to Orion's Honey Bear :))
You are doing great. Using scalping and milking the trade as any day trader or swing trader. That's just great.
Action like today is why I'm not so for brackets, but you managed it very well.
Well I got my scalp, it seams I never get more. So better to remember that when I'm in swing mode. No reason to trade any other way but to scalp.
I was thinking should I hold that trade at least to 800. But the thing is if it reversed and I lost those 20 pips I would probably started to move my stop and average. So I do lose opportunity on day like today but in the long run it can save my skin in trade that reverse on me.
Great trade and explanation on your blog. I will post link so others can check that out.
http://blog.myspace.com/index.cfm?fuseaction=blog.view&friendID=285374439&blogID=411517132
Today was a great day because I followed the rules pretty well. I am (believe it or not) still a little disappointed by the spike down I missed after getting out :)
If price is 20 pips in your favor and you don't want to let it run, taking half or a 1/3rd off the table and setting the stop to break even will in the long run make you more profitable. Just think about it, you not only have a risk free trade, now you have the opportunity to let it go ("against") you a little more :))
By the way Orion's Honey Bear appreciates it.
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