56 points on GBPUSD but left another 50 on the table!
I had a really nice short in the GBPUSD market today with a trailing stop. I closed out early for 56 pips however when the market was retracing.. it retraced 25 points before it fell heavily (another 50 points) to 16500.
My actual exit is a trailing stop loss and it would have not hit it before it fell. The old trading adage ‘cut your profits short and let your profits run‘ is a key principle to be successful in trading and I’m annoyed by myself that I broke the rule.
The chart is shown below where I made my entry and exit. You can see shortly afterwards the market in freefall hitting 16500. As I write, the market has gone below 16500 and just shy of 16480. My trailing stop would have secured 50 pips or so and a potential free ride down should it fall further.
