Placing Stop Losses and Take Profits in Forex simplified. Although entries are an important aspect of trading, placing stop losses and take profits in Forex is probably even more important. That is why I made this video- to show learning traders how a professional places stop losses and take profits when making trades.
Placing Stop Losses and Take Profits in Forex: Important Guideline
There are a few extremely important points to take away from Placing Stop Losses and Take Profits in Forex:
- It is extremely crucial that you have a PREDETERMINED stop loss and take profit set for every trade you ever place. We must have our stops and take profits determined before we enter a trade because once the trade is live, our emotions will take over and we will make poor decisions.
- There must be an exact plan in place for where to set our stops and targets, and when to adjust them (if at all). This allows for consistent results that we can analyze and improve, as well as a disciplined approach to the emotional world of trading.
- Our plan for stops and targets must be tailored to our own personal trading style, psychological make-up, and lifestyle. If you have a family and work full-time, your trades are going to have different management styles than someone who has a family inheritance and can trade from home all day. You also are going to have a different stop loss and target as a scalper verse a swing trader.
In this video, you will see how to properly follow these key points, and set up your trading plan the right way. Identifying the proper risk management strategies with stops and targets is one of the most difficult aspects of your plan to master. It will evolve over time as you test it and learn what works- and if you stick with it, you will one day have a system that can reap unlimited rewards from the markets. So kick back pay close attention to this video as you learn the proper methods for Placing Stop Losses and Take Profits in Forex.
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