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If you are not careful, you will see things that are not there!!
"I drew the trendline. It clearly shows the trend is up. Price should have supported right there at the trendline when I went long. Why did it fall through? I don't understand."
There is nothing to understand. You have been fooled. Price was dropping and you went long? Once again, the rat beat you.
Jeff, I believe I have mentioned on more than one occasion, that when you hit your daily goal, QUIT TRADING. ( Some people hate the fact that I use caps, colors and large fonts at times. They think I am yelling at them. I am EMPHASIZING!!)
I do not have a profit target. I only have a stop loss. I take what the market gives. Anyone who frequents my chat room, knows I leave pips on the table more often than not. But that's hindsight. At the time, I am taking what profit there is to take - all of it!
There is no one "method" for exit. If you have proper position size and a reasonable daily goal, one or 2 winning trades can make you a winner for the day.
If you are familiar with COMPOUND INTEREST ( there goes those dreaded caps again ), then you should realize what making 2% or more on your account per day can do for you.
Without compounding, if you make 1% on your account per day and trade everyday. That would be a 250% return in a year. Start with $1000. Make $10 a day. 250 * $10 = $2,500. Would you be happy with that?
Let's compound at 2% a day and see what we have at the end of each month for the next 12 months:
This is why I instruct traders to open an account with a maximum of $500. Once you increase your account to $600, you can add another $100. You have to earn the right to add more money by increasing what you have. If you were a boss, to whom would you give more money - the trader that lost money or the trader that made money? SIMPLE! ( dang those caps )
You are struggling to find a "system" or "method" that will make money. You believe you can improve upon any system that is presented to you by adding one or more squiggly lines. You have been fooled into believing this. THE MATRIX HAS YOU!
Now is the time for you to decide if you want the truth.