FX:CADJPY   Canadian Dollar / Japanese Yen
Had some spare time today so decided to backtest my strategy. As a day trader, I try to minimize risk as much as possible, and if it's one thing I learned this is the way you stay in the game. It can be frustrating leaving money on the table but equally frustrating being stopped out for a loss. I normally take 2 trades a day or add to my position if I can find something. What I like to do is move my stop to breakeven or understructure to protect profit. I'd rather be stopped out for breakeven rather than it hit my stop but this is not always the case if it needs space to breathe before it starts going into profit at which case I might get stopped out for a small loss. As the trade progresses I move my stop under the previous wick or sometimes the body locking in more profit on the way. I DON'T LIKE TO GIVE TOO MUCH BACK ONCE I'M IN PROFIT BUT THAT'S JUST ME. Always remember Discipline, Strategy, and then risk. Good luck with your trading.


Comments