Let's say you have a trading system. You have the rules for entry, exit, s/l, and cash management and so on. So that you enter your trades.
Today you've got several postions open. You've observed them from day to day. One day every one of the places are up hundreds of pips, the following day it retraced somewhat, then the next day it is up a little bit. Basically regular it changes. However, the system you designed hasn't told you to depart yet.
Do you guys believe monitoring your trades AFTER you opened them have negative plogical effects on the trader?!?! Because after seeeing up the trades for several pips, you think 'oh man, I might get some gooood cash if I close all of them' But then you think 'wait, it may move higher, I should stick to the rules rather than follow greed.' Then the next day the trades went down and you think 'damn it! I should've closed them all. Now I'm freakin worried of what the trades may do'
So I want veteran traders out of the experience to tell me how to deal with such incidents. I've got a system that implements transferring s/l if price makes higher highs using fibs. However, I really don't know if I have to just close these trades to get a handsome profit or follow the machine. I know that the system is perfect but should I keep shutting the trades out of FEAR that it might retrace and potentially end in breakeven or minor loss, how do I know if this system wil ever get the job done? How would I know by shutting trades early that I'm cutting my profits in the long term?!?!?
I really don't know if it would affect me more seeing that the market moves up even more after I close my trades to get a profit, or leaving the trades open and follow the machine and get stopped out for small loss or breakeven. I simply don't know
I just have traded my system for 2 days , But I have been trading for close to 3 weeks. I have found that I'm more of a trend after rather than the usual range trader. Up to this stage, I am down close to 20 percent drawdown. Mainly because I have not stuck to any principle or program. But I believe my money management skills are advancing given that I have made over 1000 pips in reduction and just couple of hundred pips in profit.
So earlier I babble more, someone please post their opinons, pep talk, or something!