7 pips taken on this spotted top, or price exhaustion. The question is why I exited so early. The fear and stress I felt this afternoon., is the answer (see previous post). I could close one lot and let the other run with stoploss at B/E. This is the only way to have a Reward/Risk ratio bigger than 1. Elementary, my dear Watson.
Friday, March 14, 2008
Early exit
7 pips taken on this spotted top, or price exhaustion. The question is why I exited so early. The fear and stress I felt this afternoon., is the answer (see previous post). I could close one lot and let the other run with stoploss at B/E. This is the only way to have a Reward/Risk ratio bigger than 1. Elementary, my dear Watson.
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It’s not easy to determine the exit because there are many fall alerts or a signal that we need to be careful, I usually prefer keeping things safe and that is why I put a stop loss at the entry so no matter what happens I am not in loss. It works great especially with a quality broker like OctaFX, as they have low spread of 0.2 pips so I can get into profit really fast and then I can dictate my own terms.
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