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How to brake bad habit: Cut short on looser & let winner run
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How to brake bad habit: Cut short on looser & let winner run

  #11 (permalink)
Toronto Ontario
Trading Experience: Advanced
Platform: Firm's OMS, fxTrade, MetaTrader
Broker/Data: Equities: Through my work (firm.) Spot FX: Oanda, Pepperstone
Favorite Futures: US / Canadian Stocks, Spot FX
Posts: 25 since Jan 2013
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nyguy2005 View Post

One other technique is not to enter on the first touch of the price, but to let it come back and then enter, this is called a test. Usually the price will not hit the same high or low. Watch the market you are in and notice how it behaves. Practice, practice and understand their will be both profits and losses. Overtime, as you develop this skill, you will filter out low probability trades, and have more winning trades.

Looking for price rejection is key (retesting an area price didn't like, and looking for it to continue to not like it,) especially when trying to trade counter-trend.

Plus, and this is a HUGE plus, letting price test the area again gives you a clear and defined "out".

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