I placed a recent trade in GBPJPY and EURJPY, (long in both)
Turns up that the trade went against me. I bought 2 lots of each and turned out that after the fall over past 24hours, I am facing a bit of loss. However, I still hanged on to the trade and now I have recovered a bit.
My question is for all the experienced traders that when in a situation like this, how do you know when to get out of the position?
DO you always put a stop loss? Since, given how volatile forex is, initial loss doesn't necessarily mean that the trade won't be in your favor in the end.
Turns up that the trade went against me. I bought 2 lots of each and turned out that after the fall over past 24hours, I am facing a bit of loss. However, I still hanged on to the trade and now I have recovered a bit.
My question is for all the experienced traders that when in a situation like this, how do you know when to get out of the position?
DO you always put a stop loss? Since, given how volatile forex is, initial loss doesn't necessarily mean that the trade won't be in your favor in the end.