Wednesday, April 11, 2012

my forex mentor told me - and it works

My forex mentor once told me: "It's not important when and where you enter, it's important what you do after".
His approach was to ignore the entry and focus on trade management process, having clear, objective rules to move SL, move to BE, close the trade or revert the position.

My approach as wannabe harmonic trader was always different. I was always looking for a perfect entry, so to be able to enter with the lowest possible risk, the lowest SL and higher profit potentials.

I struggled to understand my mentor's words for a long time. Finally found my forex Grail by applying both approaches, combined.

Why i am saying this now...
Yesterday I put this info http://harmonicstube.blogspot.com/2012/04/audusd-121-pattern.html about Long opportunity on AUDUSD 121 pattern.

Pattern failed, no doubts. Serveral traders decided to trade the pattern. Each of us ended up with very different results, some lost $$$, some won $$$. Anyway, couple of us ended up with equity like this and/or similar to this:
Conclusion: Trade management and money management rules are key in harmonic trading.

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