Set a take profit order for a simple goal with the daily time frame of 100 pips
Look at the daily time frame over a big range of days and try to find the support or resistance area for setting your take profit
Set your stop with trailing stop technique. It will secure your profits as the trade goes on
All of these methods need some patience. Usually the new forex traders are tend to get nervous if the market go to the opposite direction immediately, or when the trade gets into a small profit so they get itchy to close the trade and leave with a small profit that could have been a big profit.
If base on you plan, you have set stops and take profit, you do the trading with safe risk managment , so you can just let the trade to grow until it touch the stop or profit.
Do this in every trade and evaluate every single loss and make your new plan base on the evaluation. You will see that you improve your own formula for making forex profit. It’s all a game of averages. In fact that you will lose some trades and you will win some trades too. Use the laws of probability and statistic, it will sharp the scales in your favor as long as you are discipline in follow the rules or plan and think carefully.
Look at the daily time frame over a big range of days and try to find the support or resistance area for setting your take profit
Set your stop with trailing stop technique. It will secure your profits as the trade goes on
All of these methods need some patience. Usually the new forex traders are tend to get nervous if the market go to the opposite direction immediately, or when the trade gets into a small profit so they get itchy to close the trade and leave with a small profit that could have been a big profit.
If base on you plan, you have set stops and take profit, you do the trading with safe risk managment , so you can just let the trade to grow until it touch the stop or profit.
Do this in every trade and evaluate every single loss and make your new plan base on the evaluation. You will see that you improve your own formula for making forex profit. It’s all a game of averages. In fact that you will lose some trades and you will win some trades too. Use the laws of probability and statistic, it will sharp the scales in your favor as long as you are discipline in follow the rules or plan and think carefully.