USDJPY

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  • #7700
    Daren Steven
    Participant

    So………. I’m in a trade and not sure what to do. I am making a small loss so will see where I am on Sunday night. I want to stay in the trade but am really not sure any opinions out there?

    Thanks

    Daren

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    #7712
    Cristian Ravalli
    Moderator

    Hey Daren,

    Personal opinion, when you get a pin bar shortly followed (4 bars) by a counter-trend setup, I would move my stop below last week’s low. Minimise downside, while giving the trade a chance to go your way.

    Thanks for sharing.
    Cris

    #7716
    Daren Steven
    Participant

    Hi Cris

    This went so much better than expected, am really happy with the result not so happy with my capability. Think I need to be a bit more clinical in my approach and stop having such a negative outlook on my trading.

    Thanks

    Daren

    #7719
    Cristian Ravalli
    Moderator

    Hey Daren,

    Welcome to the club of self-sabotage! Our mind’s all work differently and there are different approaches to deal with that. Personally, I am one for objective rules, eg. price based or static trailing stop. I have written them into my trading plan over time so that I have no discretion to act differently. It did really make a difference. And yes, definitively, you should be more positive when you commit to a trade or if unsure trade lower stakes or drop the idea and just follow it. At least, that’s my two cents towards this topic.

    I think though, that minimizing any potential hits while giving you a chance to participate in larger market moves is the way to go. Remember, it’s all about RR.

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