Posts Tagged cut your profits short and let your profits run

56 points on GBPUSD but left another 50 on the table!

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 be

May 3, 2011 No Comments Full Story