By Martinez J
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Additional resources for 10 Essentials of Forex Trading
Prices never go straight up; therefore it is necessary to let the prices go against you if you are going to ride a trend. Early in a trend this can often mean watching decent profits of 10% to 30% fade to a small loss. In the middle of a trend, it might mean watching a profit of 80% to 100% drop by 30% to 40%. The temptation to lighten the position to “lock in profits” can be very great. The Turtles knew that where you took a profit could make the difference between winning and losing. The Turtle System enters on breakouts.
A limit order will not move the market if it is a small order, and it will almost always move it less if it is a larger order. 28 ORIGINAL TURTLES It takes some skill to be able to determine the best price for a limit order, but with practice, you should be able to get better fills using limit orders placed near the market than with market orders. Fast Markets At times, the market moves very quickly through the order prices, and if you place a limit order it simply won’t get filled. During fast market conditions, a market can move thousands of dollars per contract in just a few minutes.
How can I be really sure that this works? 31 ORIGINAL TURTLES One member of the first Turtles class, who was fired from the program before the end of the first year, suspected early on that information had been intentionally withheld from the group, and eventually became convinced that there were hidden secrets which Rich would not reveal. This particular trader The Shep’s Trading Rule could not face up to the simple fact that his poor “You can break the rules and get away performance was due to his own doubts and with it.