so what is your style of trading? do you look for pullbacks with the main trend behind you? or do you trade against all the rules? i guess this comes down to the individual but what is the best option? So I will give my you my opinion.. Ready? in my opinion you are always best to stay safe so I always say trade with the ongoing traffic, with the main trend and look for a pullback to a level where you buy or sell off with a tight stop behind your level; obviously this easier said than done and some would say that if you trade as every one does then you are simply cauhht up in the heard psychology thing and we all know that 85% of all retail traders wipe their accounts and many never ever trade again.
But, with that said if you trade against the main trend as a position trader then you are onto a loser before you've even begun, but as a scalper or a day trader looking for quick profits for 30 pips or so then this approach will work for you, for myself however I prefer to position trade and automate most of the process if not the whole process itself and this I have found I can only do consistently if i trade retracements with the main trend so the conclusion is it depends on your style of trading and the one that works for you will work for you.
please send any comments..
The pip Meister.
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