Bank Those Pips

Confucus Say....

Price will change direction --  soon.

You may be proud of your winning trade but doing nothing will turn it into losing trade.

A winning baseball game is made up of base hits and not home runs.

The first 20 PIPS are much easier to bank than the last 20 PIPS.

We Say...

Get in a winning trade and be proud of your accomplishment.  When your trade makes 25 PIPS of profit close the trade and BANK THOSE PIPS.  Another trade will come along.  When you are comfortable banking 25 PIP trades then let them ride to 50 PIPS.   We have seen many traders throw away a profitable trade becuase they thought it would continue going in the same direction forever and it didn't.

Watch your Headroom  closely.   Don't try to hit a home run and get 100% of the available PIPS when you step up to the plate for the first time.  Start with banking 25%,  move to 50% and then try for 75%.    Base hits, then doubles, then triples,  a step at a time.

Previous Topic : One Two Three