GCAD Trade FLOATING @ 1:6 RRR - Possibly holding over Weekend
GBPCAD Hey guys what is up, so as I am typing this my stop loss is in profit on this trade at just around 1:2+ RRR The trade itself is floating in profit at just around 1:6+ RRR
Price still hasn't hit my target level so as of right now I have literally zero need or desire to close it
Here is the link to the original idea I posted yesterday -
I want to give you my sentiments as to why I like holding like this very briefly
Think about this, technically if you are in a sell position - when you close that sell position you are buying (technically)
So if you do not believe it is going to buy around the area in which you wish to close your position, why in God's name would you close it?
The trade is NOT risk free, it is free from losing my capital but make no mistake it is NOT free from losing potential profits that are unrealized
BUT
This is a good thing because we know with no RISK there is no REWARD...When traders move their stop losses to break even and make the foolish statement "Risk free" essentially what you are saying is "Reward Free" but as I am now explaining you can still absolutely lose what is unrealized
This is why I like to hold, because that is where the rest of my reward is going to come from - the risk of keeping it open
Plus I like the thrill of it LOL
Sorry for the long write up but I love explaining my thought process on trades like this
Let me know what you think
:)
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