Quote:
Originally Posted by Kenny Rogers
That is a very good answer. Thank you.
I actually find more often that traders with pretty wide stops are quite profitable.
The next question is how do you take profit?
I was going to joke to draw a line across your equity curve to show you are hitting a strong resistance at your current point. So you need to breakout.  |
Taking profit depends on a currency. Again cannot formalize it though. If the price travels well, I'd go for 160-300 pips on EURJPY, moving stoploss to breakeven after say 70 pips in profit. If currency is flat, I will walk out with 30 pips and be happy. One of my "rules of thimb" is to open positions only when the price retraces back to the short MA.
You are right about resistance in the equity curve :-) Breaking out, breaking out. I am THE Ice breaker :-)