Give your stops some breathing space

I only check my trades twice a day, once in the morning and once in the evening so that's when I adjust my stops. This morning I adjusted my stop 15 pips above the the swing high on the USDJPY 1, 2, 3 top example I mmentioned yesterday and got stopped out by 1 pip, missing out on an extra easy 120 pip profit but 15 pips is what I have on my trade plan. Javid recommends 20 to 30 pips to avoid getting stopped out early on a winning trade. The aim is to let the profits run. This has now happened to me a couple of times so I've now adjusted my trade plan to give my stops a breathing space of 25 pips. One of the big lessons I learnt is that you have to trust your analysis and go with it. The more I do this the more profit I make.














USDJPY forex chart from Advanced Get

Remember we have Non Farm Payroll tomorrow so I will be taking the position of standing aside. My next update will be on Monday.

Good trading