Staying on the Right Track

The AUD/USD long trade I entered two days ago is going quite well, so far. I'm up 120 pips right now, but am not ready to take my position off just yet. Sometimes, these rallies can just keep going and going without coming back enough for another favorable entry point. In this case, I'll raise my stop to around the 0.9140 level, hence, locking in 70 pips of profit if the pair decides to come crashing down. If the rally continues, I will raise my stop once again.



The worst part of trading is being right and NOT making money, or worse, losing money - although certain people would argue that there is no difference. So, keeping true to that rule, since I am already "right" on this trade, I will try to stay in it without risking the rest of my profits (by raising my stop-loss). This way, if the pair has another big up day or more, I will still be on the train...