Posted by: joetradingplace | April 16, 2015

Trend Following

I have new trades which are short gbpaud, euraud and long audusd, the first 2 trades have reached 3 targets already, so i have 3 lots left on each trade. Audusd has been moved to BE, but it still haven’t reached any targets. Euraud is at a significant level, price is at the years low, and has slightly broken it, if this follows through, i am already well positioned. In total I now have 7 trades open, some from few months ago…some of these trades could still be open for weeks/months. As long as the trend is going in my direction, I have no need to relinquish my positions. These trades could turn out to produce huge returns or stop me out…i don’t know, but what i know is that trend following is profitable in the long term.

Remember this folks….if you want to be successful in your trading
1. Follow the trend
2. Cut your losses
3. Let your winners run
4. Repeat

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