Over the last two days i have been listening and reading what many experts as well as experienced traders are saying what they think will happen with the Euro / Usd.
The Bulls are convinced that it will go above 1.4700 and further and the Bears are only seeing 1.4000 and below. In fact some of these traders are so convinced they are prepared to leave open positions on for several days after being well up in profit on their particular direction. So 200 - 350 pip are no problem - as they see it then going back to their fancied direction.
Now i understand about hedging and having wide stops for big targets - but I am mystified??. The main reason being is that I have seen this happen a few times during my 7 years of watching the charts. We have had the bears last year still selling around 1.2700 and under saying it will come back and the guys in 2008 and buying above 1.5200 saying - no problem - the dollars had it - it will go higher !!!!
I dont want to go on about my method - because everybody as their own ways - but can some one expalin to me unless you are a long term investor of say 3 -10 years or more why do you do it??
I am an intraday trader with no bias and will buy and sell everyday. Thats because I want to make money every day and normally i do very well. To me a 10 - 15 pip stop is enough when you are experienced and anything over 100 pips is lazy ??.
Please convince me otherwise - if you can ?????