I have just read Dr Pipslows latest post “Wrap Up Your Trading Year in 3 Steps” and not sure what to do. Initially my thoughts were to leave them running as profits are locked in so they are profitable either way except that one EURNZD long which will make it harder to keep the poker face until it breaks even.
I have some long term trades going and have locked in some profit by moving SL to e.g just outside a previous consolidation / correction area on the chart.
My question is, should I close them or leave them running?
I think all my EURNZD longs were stopped out as my SL were at 1.51. The sad part is I could not do anything about it as Oanda is closed until about NY close today which is crazy because the market is moving… a bit.
This is my first years end of trading so I have learned a lesson.
OANDA Notice:
Please note that OANDA will be unavailable for trading on the fxTrade, OANDA MT4 and Practice platforms similar to regular weekend hours:
Friday, December 23, 2016, 17:00 EST (Dec 24, 06:00 SGT) - Monday, December 26, 2016, 18:00 EST (Dec 27, 07:00 SGT)
Friday, December 30, 2016, 17:00 EST (Dec 31, 06:00 SGT) - Monday, January 2, 2016, 18:00 EST (Jan 3, 07:00 SGT)
So none of the EURNZD trades were stopped out at 1.51 when the market consolidated below 1.51 for about 5 hours. Not sure what happened, but I assume Oanda freezes / close trades when trey are closed and resume / open those trades at current market price.
So that makes up for annoying me that they are closed when the market is open.
All 3 my EURNZD longs got stopped out about a minute ago at 1.51. I will be going long again on this pair and it seems price will not go much lower than 1.51.
Its pointless question actually. Let me try to explain that in this way. For example if you keep your current positions for some time more and manage to make more profit - it is great but it doesn’t GUARANTEE that doing this in your next trades (locking profit by SL and keeping them open expecting more) will have successful result. Trades can simply reverse and hit SL.
One big trade with any profit in trading means nothing. Everything is evaluated in the long-term with very fixed SL, TP what shapes your trading plan. Never let your emotions or a drive for more profit to manage your trading.
Its pointless question actually. Let me try to explain that in this way. For example if you keep your current positions for some time more and manage to make more profit - it is great but it doesn’t GUARANTEE that doing this in your next trades (locking profit by SL and keeping them open expecting more) will have successful result. Trades can simply reverse and hit SL.
One big trade with any profit in trading means nothing. Everything is evaluated in the long-term with very fixed SL, TP what shapes your trading plan. Never let your emotions or a drive for more profit to manage your trading.
I never make trades based on emotions or greed. For me it has become all about anticipating what the market are doing and what it will do next in order to reach a specific target. That target is normally my TP.
The locking in of profits by SL is not related to specific amounts, but more anticipation of reversal back to a specific point. If the market reverse more than my analysis forcasted then obviously I was wrong and I`m out.
