Posted by: joetradingplace | April 23, 2015

Cutting Losses Part 2

Look at this post before you go any further https://joetradingplace.wordpress.com/2015/04/22/cutting-losses/
I am walking you through my trades step by step…remember i said that if price moves in my favour I will move stop loss to break-even.Look at the two charts below, you see that I have now moved my SL to BE, worst case scenario might be a slight slippage but i won’t lose more than 0.1%. Now I am waiting for the markets to hit my targets, i have done all the hard work now, so i will let the market run its course. I will go back to these two trades again to show you how I will manage them if price continues in my direction.

Now to recap these two trades again from start…..Price was in a range on these two pairs, price broke out of the range, I waited for price to pullback and I took my two trades (6 positions on each trade). I then noticed that price wasn’t following through as i expected, so i decided to cut my losses by moving my SL. But yu can notice that luckily price has followed through, but if it hasn’t, i wasnt prepared to take a full loss on the trades. I have further reduced my exposure by moving SL to BE.

Screen Shot 2015-04-23 at 16.41.44

Screen Shot 2015-04-23 at 16.42.08

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