We can all get a little too fixated on new entries and often at the expense of managing perfectly good, well-performing open forex trades.
It’s tempting to want that next entry and it’s easy to get distracted by that next shiny new trade, but it’s the trades that are WORKING for us that will yield the pippage to allow us to keep trading.
I’m not talking risk management either. I am talking about winner management:
How do we move away from the stop loss mentality and start to manage the trade like a winner? It’s all about moving stops in a strategic way to risk only unrealized pips (“house money”) while riding out a trend.
I share two recent examples with the EUR/JPY and the NZD/CAD.
Questions? Comments. Leave them here at the blog!
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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.