Type of Trades
We focus on the Mid Term to Long Term set ups. We sometimes will keep a trade on for 1 week or longer. Our main objective is to risk low leverage trades but then allow market fluctuation with larger stop losses. By so doing we also expect more or larger gains in Pips then a normal daily trade.
However, sometimes we see a possible day trade set up for a quick gain after for example the market retraces against the prevailing Long Term Trend (LTT) due to profit taking or Support (SL) or resistance lines (RL) have slowed the trend.
We study the 4 hour, daily and weekly charts for our final decision to enter or to not enter a trade.
Will generally review overall about 10 currencies to see if a potential exists or not for looking at a set up to enter a trade. If nothing looks profitable then we simply will simply will not trade.
There are times we might take up to 10 trades or more a week but that is rare. More then likely it will be under 7 trades entered and sometimes held for Mid Term to Long Term time frame. We will expect to either be stopped out (SLH) or a Target Profit (TPA) is achieved. Stops will be moved often to insure limited risk or to lock in profits.
We carefully follow our trades and if it appears our original set up parameters have gone against our trade then will simply concede that the market has changed and we will simply exit our position or what we call a manual close (MC).
It’s best as a professional trader to admit that your original solid research for entering has now turned against you due to technical, Macro or fundamental reasons and be wise and not proud and exit it. Wise traders always take what current prevailing market will give them and not what you wish to get out of the market.
Keep in mind, most if not all successful traders will always having losing trades. Sometimes 3 to 5 in a row. Even losing weeks. Occasionally, a losing month might occur. If you realize this upfront then you are more inclined to be patient with any signals program.
The overall goal of any successful trade is not to try to hit home runs. Therefore, keep your losses to a minimum, whether the sum total of those losses is weekly or on rate occasions monthly and have a nice yearly profitable return in the long Term.