My USDJPY long has performed extremely well, but, I put a trailing stop on it that took the position out as I slept. This blip (I'm sure there's a more technical term) is a common occurrence in CU currency markets which tend to be driven by short-term factors.
My solution has been to generally let my position ride without stops. I look at the markets every day and in general use the daily charts for my stop parameters. I can see them comming for the most part.
It's rare that a currency trader will advise against stops, but I've seen too many long-term positions taken out by what turned out to only be an hour of tradings.
Dramatic reversal on the loonie:
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