Posted by: joetradingplace | April 20, 2015

Manage trade

Remember i took a short trade on usdcad because price had broken out of the range, but i then posted saying that if price fail to follow through i will be closing my trade to cut my losses. Now price is just above my entry point, if price trades below my entry point i will move SL to break-even. As a trend trader, my main focus is to cut my losses I don’t care about winners because i know they take care of themselves…but its the losses that i have ensure i cut in order to be profitable. I will update when i move my SL on this pair so you can see how i manage my trades. On another note, i took a long cadjpy…which will be managed accordingly and i also took a long gbpnzd…will move SL to BE tonight on this pair. Remember my short euraud and gbbaud they both been closed at BE on the last two lots, these trades managed to reach 4 targets…audusd only managed to reach 1 target and the 5lots have been closed at BE. I am still short eurjpy, eurusd, gbpjpy and long gbpusd i ve been in these trades for a few months now.

Screen Shot 2015-04-20 at 22.13.21

Screen Shot 2015-04-20 at 22.14.59

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