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06-02-2008, 04:40 AM
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General NickB Method Rules (NickB method)
1) If you lose 3 trades in a row STEP AWAY from your charts, take a few days off trading, and come back with a clear head. Losing streaks are very dangerous and falling into one can lead to very big losses.
2) Do not trade the last 4 candles on a Friday. Trades close out their positions on Friday so as to not hold them over the weekend. All these positions closing can cause the market to move erratically so trading Fridays is dangerous. This is a very important rule and I never break it or bend it. 3) Do not hold positions over the weekend this is another very important rules that I never break. Anything can happen on the weekend that can cause the market to open way off from where it closed Friday. If that happens you can lose hundreds or maybe even thousands of pips on a single trade. It is never worth the risk to hold over a weekend.
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"Invincibility is a matter of defense, vulnerability is a matter of attack" Master Sun Tzu |
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