I dont look at profits unless a blowoff top type scenario, eg, has been a hard runup. I trade a longer term system which is based on S/R with another element involved. If there is no sell signal I dont sell. I dont trade on emotions "ooh look, 20k in the bank" Errr btw, 20k is nothing, at times make gains of 40k a day. Everyone will cry BS re that last statement, I have no axe to grind, it is what it is. PS: As mentioned, will review during the day, could quite well exit today. PPS: I have no target, will run as long as it runs.
Hrmm. From my perspective as a small trader, I would see that as a large gain. It would not be emotional, but practical. If 20K to you is nothing, but 40K is meaningful, then I wonder how you would be if it was reversed... "Oooh look, I am -20K at this time. -20K means nothing, let me lose -40K today to assure I made the right choice"... or whatever. Is that a practical point-of-view when it is on the losing side of a position?
Thanks for feedback overnight. Today is like decision day, I don't mind giving back a little if required, I need to give the trade a little bit of rope, you need to in long term trading otherwise stopped in and out continually, brokerage and lost opportunities rise. I'm particlarly watching atm the behavoiur of USD.
Ok, in Australia, market has just opened and gold index XGD is up 1% Thats some breathing space Change since open 20 minutes ago on acc#3 is + $4,900
I agree completely! Keep up the good work! First rule of trading "let winners ride and cut losers short quickly".
All out! Liquidated positions. USD looking too strong. Was fortunate in that Aust gold index ran up on open, so captured small gain on the way out.
Yes thankyou, virtually caught the top again on exit. Now to get back in again, will keep you posted....