I want to join others to ask your advice on exit strategy.
Once the market is moving in our favor we start getting that itching feeling to pocket the money before it is too late.
how to avoid that feeling? yet, how to smartly start placing stop losses to cash in case it turns around
When it comes to defining your bias do you look for a ST and LT bias?
A pair could be on a LT up trend, but in a ST retracement, given opportunity for two distinct entry/exit strategies as well as the time in the trade.
mastergunner99 how would u trade a currency pair has been on the up trend for months for example USD/JPY. Wait for possible retracement before entering a new long position? Using the current price of USD/JPY at the moment.
Yeah, I would prefer to wait for a pullback to optimize my entry. I’ve yet to see a significant trend that didn’t allow for multiple points of entries.
He mostly looks long term for bias, and trades on that. I’ve made a pretty fair amount of pips before by going against the LT bias during a retracement, then sold out, reversed my position(from long to short), and made even more pips on the way back down. Felt great, but risky, and not what this methodology is about, nor something I want to make a habit of.
i see. i suppose those yen pairs got to wait for retracement before entering long. Another question is that what would it take for you to change ur bias and how would you determine it?
Price action. There’s no set criteria. When price starts consistently moving in the opposite direction and has broken some key levels of support or resistance my bias begins to change.
Sorry if this has already been addressed in the thread. Since positions are held for some length of time, when going long or short is the rollover cost considered before entering the position(s).
Rollover/swap/interest has been addressed. MG considers it a cost of doing business…sometimes you pay, sometimes you earn…it more or less balances itself out. I was trying to enter trades that only earned positive swap, but I think that just ends up limiting ones choices so I don’t consider it anymore either.
Yes, roll is a cost of trading Fx. Some pairs it is insignificant, some it is significant. 2-5 times difference for some pairs with FXCM. I thought it had been dealt with but couldn’t find the post. Thanks!
I’m trading 3 ducks, and I’m applying all the 28+ pairs to it. Because 3 ducks base entry is on 5m, but it can be looked as a “set&forget” method, I’m using set&forget approach to make it work nicely with daily candles
Too soon to see if it works for me, but 3 ducks alone give nice results, and long term trading along also give nice results, maybe the hybrid of both can give nicer results
I don’t take it to account when opening any trade