No trades today there are no tight box channels in the forex pairs I am watching.
Lesson: What common mistakes prevent one from profiting on breakout trades?
1. Setting the stop loss too tight is probably the number one reason creating losses in a trending market.
2. The second big reason for losses is not moving the stop to breakeven as the trade moves out of the currency trading box. (I am currently setting my stop to breakeven when my trade moves 35-40 pips into profit.)
3. Trading against the trend is the third biggest loss maker in my forex experience.
4. Trading the market off hours is hazardous to your bottom line.
5. Failing to check to close out open stops can be disastorus.
6. Failing to check local support and resistance is just stupid.
7. Trading too much also seems to be detrimental to my bottom line.
8. Worst of all is —impulse trading — trading non setups.
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January 25th, 2010 at 12:23 am
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I am from Luxembourg.