I entered into this long USD/JPY trade yesterday and my take-profit order missed by a few pips. The market has retraced now and there is no way to really know if price will continue heading higher or reverse. What should I do here? I have decided to let this trade sort itself out! I have already moved my stop-loss order to break-even, so there is no risk for me here.
However, I am willing to bet a good chuck of money that many newbie traders will be flabbergasted to see their take-profit order miss by a few points and to then watch as their stop-loss/break-even order is hit. This type of situation does occur quite frequently and every trader must learn to deal with it in his/her own way. The reason I decided to always let my trades sort themselves out is because I quite simply don't know what will happen! In my earlier days, I would always try to predict the market, but over time I learned that no matter how much time I spent staring at the charts - I could never really predict movements with any kind of reasonable accuracy. So, I just learned to LET GO!
