It depends on the fundamentals as I understand them. If I am up I close everything out and be done. If I see a strong fundamental in play I may keep my trade going.. The key to the decision is this normally price doesnt move much on Monday or Tuesday or not as much as the rest of the week. So any gain will be smaller than the end of the week. Is it worth the possible gaps that can happen over the weekend. For example if you are sitting on a 150 pip profit is it worth risking to pick up just a little more on Monday. If you are break even you can reset the trade at the beginning of the week again if you still like it. This may sound funny but the only trades I usually will hold are ones where I am confident they will go back into profit because of the trend or fundamental move of the currency. You must remember I trade small enough lots that no trade or group of trades can seriously hurt my account. However, I can make money because of the multiple levels I use when trading for profit.Chris wrote:So do any of you hold these 10.4 trades over the weekends? Or close out before then?
Anyone looking at some setup tonight? I see a couple just not sure about them?
For example I held onto a couple of gbp/nzd trades for almost 2 weeks because I felt as long as I stayed below the 240 line I would recover them. Not only did I recover them but added a bunch of winners along the way. But that is me, gbp is not going to appreciate much and if it does it wont last long. So I could make that play. JPY shorts (appreciating JPY trades) I know not to try to recover those because the JPY will depreciate more again in the future. I know not to get involved recovering those. So unless you know what your doing and why with a trade and you have made a good week. Close it up, and go play. If you are up for the week, you have no need to play the NFP because of a greed factor. Why give back in short notice what took you all week to get? So bottom line is factor risk versus reward and choose. I cant tell you how many times I got greedy and gave back some/all of my profits OR how many times I closed up and just enjoyed my Friday off of trading because I already had a good week.
