In trend following, entry point is no problem when there is a trend, as on the chart above I have entered a bit late in the run but still manage to gain. ( Please refer to my previous USD JPY post Live trading )
If you analyzed the price action and imagine if you have entered in the sideways trend on December 30, most probably you will get whipped.
That is why in trend following, just follow the major trend and NOT FORGET YOUR STOPS in case you are wrong.
As per Livermore quotes,"The market will tell a speculator when he is wrong, he is losing money."
When you are wrong get out and do not argue with the tape, when you are right just ride the trend and watch for danger signals.
As I mentioned before, I made Live FX as sample for trend following, because a lot taught I am a Big time market mover or have connections. No I am not " I work as a LONE hand. "
I must admit, I am bias in my picks, ( Whose not anyway)
Happy and Prosperous 2011 to All.
2 comments:
Hi Tracer,
I admire your simultaneous trading of PSE and FX markets. Are you trading full time? Happy new year!
Regards,
just part time, although I spend most of my time in trading.
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