Yeah man I know the feeling. Keep working at it. Do you ever scale out or possibly do something like set a stop for half the position at 50% of however much you're up? Say you're up 150 points, you may consider putting a stop for half the position to lock in +75 (trail half the position's stop at 50% of paper profits). That way you lock in 25% of your paper profits. Not much better than breakeven, but at least you get paid for your time. Those numbers are totally out of the air but just trying to pass on some of the ideas I've worked with to try to help me stick with my winners...I know how much it sucks to give back good money. I think I'd rather just take a loss off the bat than see a big winner break even. But at the same time, having the guts to hold it out can pay off big time.
Reaver good idea . Sam, please be aware 2500 is strong support and also a stickey number. A special thanks to RBS for allowing us to get this week off on the right foot, +148, makes us very happy. The Ever Joyful VIPER
Yes, in a normal situation, I would certainly scale out and book some profits...but with my current account situation (down a little more than 3%), I'm looking to breakeven with this trade and if that doesn't work out, then I'm fine where I'm at right now and will try again. It's an all or nothing sort of deal...except "nothing" results in leaving me in the same situation that I'm in right now (down 3%). Hope this makes sense...I'm a little frustrated but am trying not to second guess holding these gains as the charts say we have a nice breakout and it should continue lower. Whether or not I can maintain a positive ungained balance through the swings of correction is still to be answered...
Thanks Viper, always glad to help. The Always Appreciative of Compliments Reaver Have a good one bud.
And after all that typing, I went to close my positions at +130 on the EUR, + 34 on the USD/CAD & +27 on the NZD/USD. I'll reshort the EUR/USD on the break of 1.25 Thanks for the comments and input everyone, keeping me sane here.
Gotcha. That's a solid copy. I see what you mean. Like Viper said, 1.25 is gonna be a bitch to break through, but I think if we can break it...it's gonna be ugly for longs. heh heh heh So hang in there and all my signs are pointing down hard in EUR. Coincidentally that is what scares me...nothing is happening to the downside, even though all signs point that way as far as my analysis goes. Hopefully the bears have built up enough strength for a breakdown. EDIT: Good thinking. Nice trades. Now you have a little black ink to hold you over til we get a break of 1.25. Then once that happens, just short it and short it hard!
Very true. No reason to push it now, especially with the upcoming opportunities with the EUR & GBP (as Danny pointed out in a previous thread). Thanks for the inputs guys...Viper, good points, thanks!
Alright that's enough loving. In the words of Winston Wolf; "Let's not go suckin each others' dicks just yet" Looks like some good trades today, I was out for most of it. Yes, happy b-day! I relish every one of them. David