GBP/CAD — 20 pips out of 100. Was I Right To Close? Trading Conundrum

by jennifer on April 25, 2012

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Hello Trader Friends,

Here is a common trading conundrum…

GBP/CAD:  I had taken this trade and stopped out at break even several times in the yellow shaded area. I took off for the day, but kept an eye on my open position (from my phone) so I could move to break even, yet again. I did that, but went ahead and closed with only +20 pips. I made the decision to close my trade early because I already had several stop outs at break even, and I just wanted to bank something. As you can see the trade went all the way to target, 100+ pips away. Had I left my stop at break even this last time, I would have captured much more, but it was worth it to me to take 20 pips this time to ensure I got something for my time. After all, it was my choice to take the day off and I made a decision that put money in my account. Had it gone back to break even, I would have felt smart! Since it went to the 100 pip target without me, I still feel smart.

Make a plan, make a call, and stick to it. That’s real life trading!

I hope you got a piece of this move too.

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