And i mean all, including the one that is on the negative side but hasn't hit your SL. I saw this on http://forexillustrated.com/when-not-to-trade-forex-7-traps/
do you close all your position on friday
- Thread starter danny
- Start date
hafizhanif84
TFG Forum Junkie
Im not..
TheForexGuy
Forex Mentor
There are some good points to this article. But what I really hate is when people claim they know what 'banks and big institutions are doing', like they're tapped into their terminals through some sneaky backdoor.
The reality is no one knows what banks and big money are doing, or what they are going to do - that kind of information is behind locked doors.
There some some people on the internet selling 'bank secrets', or 'bank trading strategies' - these guys are only taking wild guesses to what's going on and selling conspiracy theory strategies..
You don't opens positions on Friday hoping that the weekend will gap in your favor, that's a silly strategy.
Obviously you wouldn't open a position as the market is winding down on a Friday in the US session, but if you're already in a good trade, there is no reason to close it just because a weekend gap might occur.
Let's be honest, large weekend gaps seldom occur. Only a freak few per year which spook people out, otherwise it isn't that big of a deal.
The reality is no one knows what banks and big money are doing, or what they are going to do - that kind of information is behind locked doors.
There some some people on the internet selling 'bank secrets', or 'bank trading strategies' - these guys are only taking wild guesses to what's going on and selling conspiracy theory strategies..
You don't opens positions on Friday hoping that the weekend will gap in your favor, that's a silly strategy.
Obviously you wouldn't open a position as the market is winding down on a Friday in the US session, but if you're already in a good trade, there is no reason to close it just because a weekend gap might occur.
Let's be honest, large weekend gaps seldom occur. Only a freak few per year which spook people out, otherwise it isn't that big of a deal.
i agree
K
Kenny Kristo
Guest
It depends on multiple things, if my lot size is controlled, whether I need to pay charges? And if there is any big news? After considering all these I believe that we should decide up whether we should keep position open or not. I usually prefer day trading, so I don’t go over carry trades while even if I do, I am not required paying any fees or commission for that thanks to Nova FX broker, so I am pretty relax with whatever I do.
K
Kenny Kristo
Guest
How that happens mate? I wish market can talk, so I would have been saved from using all type of indicators and ways to find the right exit. The only way market speaks is if we connect the right stuff and that is indicators or perhaps fundamental analysis, but that’s not the easiest thing in the world. I do find it simpler due to Nova FX broker with their daily market updates, it keeps me in much better shape to trade.
tjenarvi
TFG Forum Junkie
How that's happen? Not by by indicators or fundamental analysis, see at the technical point first.
By just follow the trend, until you see that the trend is reversing, pretty simple.
K
Kenny Kristo
Guest
I honestly wish things were that simple because believe me you will mostly lose with such way of trading. It might work in certain times, but trend can quickly change and there are many fake trends that are there, so if you get into wrong one instead of profit even survival will be difficult and this is why indicators are so important while I ensure even more safety with using analysis service by my broker Nova FX, it’s free so no harm in having it.
tjenarvi
TFG Forum Junkie
well that depends on how clear of the trend on a pair you are watching.
I tends to watch for clear trend of market, like AUDUSD, EURAUD, EURCAD, GBPCAD, that's enough explain
D
davidson333
Guest
If i am making profit then i does not close it.