EURUSD breaks through the Trend Channel and our stop is hit

Unfortunately, EURUSD broke through the lower bullish trend channel line and our stop was hit.

eurusd - make me some money

I’ve been thinking a lot about holding trades longer as I’ve known that this is one of my weaknesses in trading and with this trade, I did hold the trade and didn’t meddle with it.. however, the price action didn’t go where I was hoping it would and the trade ended up in a loss.

It’s extremely frustrating when this happens, my old method would have meant that I would have taken profits at 13500 (big round number) and we would have made a decent profit. My thinking was that I would let EURUSD go up until it reached the upper trend line channel.

Hmm.. this doesn’t help me with the notion that holding out longer is better for my trading..  before Xmas, I was taking profits as soon as it reached any significant support or resistance levels and although it was small profits here and there, it meant a constant supply of pips and profits. Yes it did mean that I missed out on the larger moves which is what I would like to be playing for (as they are less maintenance) but so far, this method of trading has been elusive.

Not a good record so far for 2013…. I am going to half my trading ante for each trade until I’m back on form!

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Category: Forex trader, Forex trading, money, Trading