Trade Management Issues.
I've had a great week using my TS system to trade FX. With better money/trade management though it could have been a fantastic week. I need to work on trade management. This is as much a matter of psychology as anything else though!
For example, at the moment I trade 2 parcels on each lot. I set a 100 pip profit target on one parcel and leave the other parcel to run. Well, that’s the idea! What I have been finding myself doing though is closing the trades out once the first profit target is reached or when there is a healthy profit. This week I have done this again and, in doing so, compromised myself of many extra pips.
For example. The following trades I took are currently up to the following pip profits:
A/U: 160 A/J: 100 GBP/AUD: 250! GBP/CAD: 140
Like I said, I need to work on my trade management! Well, this is a ‘work in progress’.