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Post# of 42555
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Re: daiello post# 26403

Thursday, 11/20/2008 9:40:58 AM

Thursday, November 20, 2008 9:40:58 AM

Post# of 42555
I did that too, yesterday. The Beast wiped out 2 days of profits for me.

Being 28, I don't want it consuming my life much, either. It's tough because it's addictive...especially when you're on a roll! But that's also when I start making dumb moves....not thinking things through, beforehand.

It's all about control and restraint. But not spending too much time away from the computer, if you have an open trade. Set stop loss and take profit levels if you're going to be away from the computer for a while. You never know when the Beast will retrace and wipe you out. What I like to do is wait until I'm 20+ pips into profit, then set my SL at breakeven. Then slowly move my SL into more profit along with price action, but never setting it below breakeven. Even though I get stopped out a lot, I rarely lose money on a trade (clearly I should have taken my own advice yesterday).

If I start having a bad day, regardless of how early it is, I close FOREX until the next day.

Hope to still see you around!

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