0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • US Treasury Yields: 2-Year: 0.113% 3-Year: 0.122% 5-Year: 0.222% 7-Year: 0.405% 10-Year: 0.558% 30-Year: 1.234% $TNX
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.08% 🇯🇵JPY: -0.35% 🇪🇺EUR: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.74% 🇨🇭CHF: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/g48aHJoSf8
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.55% France 40: 1.77% FTSE 100: 1.77% Wall Street: 0.61% US 500: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/K4DUoqfBBy
  • $AAPL post-earnings looks parabolic even on a log chart that split is going to juggle up the composition of the $DJIA though. Only 30 stocks and this has been like 11% of the index. Big driver about to have a smaller impact on the $Dow post-split https://t.co/7xhnvbjKLA https://t.co/cgUn1ybQ6U
  • Ripple (XRP) - This could get interesting if we close above Sunday's spike high ($0.325)...#xrp #Crypto @DailyFXTeam https://t.co/2rrL5efGBa
  • Among the FAANG members, only $AAPL seems to be carrying over the momentum from last week's earnings wave. Here is my version of the high market cap tech index overlaid on the stock https://t.co/Z6KnMefH1c
  • 🇲🇽 Markit Manufacturing PMI (JUL) Actual: 40.40 Previous: 38.60 https://www.dailyfx.com/economic-calendar#2020-08-03
  • RT @WVenketas: $USDCAD price forecast: Last Place Battle – #Loonie or #Dollar? $USD $CAD https://www.dailyfx.com/forex/market_alert/2020/08/03/USDCAD-latest-Last-Place-Battle-Loonie-or-Dollar.html
  • The #Euro and Sterling both had a positive tone last week going into month-end and sellers have appeared in both currencies today. Get your market update from @nickcawley1 here: https://t.co/LBmxuV1sG1 https://t.co/H56olNlp7L
  • While the Dollar is continuing to extend its tentative gains from Friday with broad results against EM counterparts, $USDCNH still refusing to participate. I wonder if this is a reflection of their relationship or a conscious curb https://t.co/lhGeb1bsYF
Get Smaller or Get Out

Get Smaller or Get Out

2010-05-12 15:06:00
Thomas Long, Course Instructor
Share:

These traders may have opened five or six lots in a trade and have seen the market move in their direction.  But now the market starts to move sideways or even move against them and they ask for help in what to do.  My first question to them is what their plan was before entering the trade.  You know….before you had money on the line and you could think clearly.  First of all, if you are asking somebody else what you should do, this usually means that you have lost your way.  When you have lost your way, the decisions you make are based on emotions rather than solid analysis.  This is what can get you into trouble almost every time. 

When in this situation, there are two options….get smaller or get out. 

If you don’t know whether you are bullish or bearish on your current trade, you should no longer be in that trade so you should get out.  If you still want to be in the trade, but feel uncomfortable with the risk, you should get smaller.  This means closing part of, but not all of your position.  Naturally, if you only opened one lot, this is not an option.  But if you have multiple lots open, there is no rule that states that you have to close them all out at the same time.  Closing part of the position locks in some of the profit.  If you move your protective stop on the remaining position up to the breakeven level, which means moving it up to your entry, you are in the enviable position of having guaranteed a profit on the trade while still being able to further profit on a continuation of the move.  That is good trading.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.