This new book I've been reading says that you can keep losing trades to a minimum by using market orders to wait for the currency to get to a preferred zone (or whatever bullshit rationale they use). So i'll give it a whirl.Consider the EUR/USD a few days ago. I noticed that that it's trending downwards towards what I perceive to be a point of resistance in the market. As you can see i was pretty close to the money on this one. Just missed the zone by maybe 20 pips, and lost out on about 100 pips overall, maybe more after today.
The take home from this is that resistance zones are ambiguously defined, and in my case it may have been much better to put my market order just a little higher, Instead I was a little bit more cautious than i should have been and missed out on a good trade. Next time I have to be a little more audacious with my order, to make sure that it goes through and I pull out a profit in the long run.
But as I will show in a future post, you have to be quite vigilant with your market orders.
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