In this video, The Best Forex Entry Strategy, I will cover a topic I get asked questions about all the time what is the best Forex entry strategy? I have been asked this question by many traders and I hope this video can clarify the issue.
The Best Forex Entry Strategy: Identifying Trading Style
When it comes to identifying the best Forex entry strategy, one of the main things to consider is your trading style. Scalpers on the 5-minute chart are going to enter trades in a much different fashion than a position trader entering on a weekly chart. Therefore, for the purposes of this video, I am covering swing trading entries as that is my expertise.
When swing trading, the best Forex entry strategy to practice is what’s called “Legging In”. This is a strategy where you use multiple entries to help improve your chances of success. One of the main reasons I like doing this is to set multiple Take Profit targets and letting them play out. Since you can’t have pending Take profit orders for partial position sizes, opening multiple positions for the same trade allows you to make multiple Take Profit levels that are pending orders.
The Best Forex Entry Strategy: Use Mulitple Positions
Another benefit to using multiple positions for a trade is to maximize your profit potential. As swing traders, we like catching trending market moves. Adding positions to a winning trade as it moves in our favor can allow for substantial winners. It also can minimize our risk on the first entry, as we are only exposed for partial risk on the trade.
The Best Forex Entry Strategy: Training Video
Watch the video above, in its entirety, and you will have a much better idea of how professional traders manage their positions. Thank you for taking the time to read this article and watch this video!
Take our Full Online Forex Training Course today and start trading with knowledge. Remember, you must learn The Best Forex Entry Strategy for ultimate success.