lol, me, sensible? Don't spread that about, you'll ruin my street cred! Good idea about the trailing stops, once it's this far up I usually try and trade the retracement down, that way if it's turning at least I'm on the right side, or if the trend resumes at 61.8 I'll reverse and stay with it.
FX1 - How long did it take...roughly one and a half accounts and a lot of self doubt as to whether I was capable of making it. At first I thought it was easy, every trade's a winner, then I lost big time. I must have followed every strategy and indicator imaginable, none worked, "it's all fixed, they're after my money, the market is against me", serious paranoia. Then a very good friend of mine, and an extremely accomplished trader, put trading into perspective, and the importance of risk control. It turned me around psychologically and financially. I suddenly realised trading wasn't really that hard to do, it's simply a game of chance with better odds than any casino or bookmaker if you play it right.
I do still have the occasional blip and take ridiculously risky trades on a whim which I usually end up paying for, of course I vow never again until the next time
The hardest hurdle to overcome was clicking a loss, especially when I was giving back all the weeks little gains of 2 or 3 pips a trade, I'd be back to where I'd started on Monday. 'Let profits run' was alright for
them to say, they probably didn't have a big hole in their accounts!
200day MA, 40 weeks, is significant because it's a 'pivotal support or resistance level for the long term trend', well that's what they told me anyway. It does seem to be fairly accurate and a point to pay special attention to, just like any other support or resistance level. I wouldn't use it as a signal to trade although many do. I can't say I fully understand the deeper technical significance of these levels, it's enough for me that they work.
I'm rambling....Gamma, anyone, any comments greatly appreciated!
Mick