TOOCOOL7610 asks "how to book profits in carry forward position and how to trail stop losses if trades move in my favour"
I have two posts that discuss exits:
Buying on Dips - How to Exit
If you need clarifications, please drop a comment.
I keep on saying "Markets will do what they want". Today's market action is proof of my hypothesis. Everything was ready for an upmove, which did not come. A gap up was the end of the bullishness. After that prices went downhill. Today was also a classic example of why mechanical systems are often superior to discretion and judgement.
In my office, all our systems went short at decent levels, around 4380. Now, the systems work only on price behavior. They are not influenced by perceptions. On the other hand, I was upbeat and kept on trying to time the market (searching for a bottom) - with rather dismal results. All discipline was abandoned as I decided again and again that the brief correction will end. Fortunately, my own volume is a very small percentage of the volume allotted to systems, so the only damage done was to my ego. But the experience of trying to trade without a basis, was unnerving.