The most painful event for most commodity traders is failing to enter a trade that was correctly anticipated. The second - and most destructive - is to be stuck in a losing trade. Friday’s price action suggested grain traders were actively defending their long positions that are under threat. Many experienced traders can testify that adding to a less favorable position is often the tuition payment for the school of hard knocks. It is vital to define each trade’s profit objective and what the probability is that price action can go beyond that point. Simply waiting on a technical indicator to define buy-and-sell signals is like trying to drive forward by looking in the rearview mirror. This is because most technical indicators a...