Position management, managing stoploss and knowing when to exist a trade
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Thread: Position management, managing stoploss and knowing when to exist a trade

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    Position management, managing stoploss and knowing when to exist a trade

    I have been doing trades on the demo account for some time now. That way, have learned few things which is how one could manage their position and protect their account balance.

    There is the picture of my EURUSD trade, clearly, I took that trade after the trend line support breakout on the daily chart which is my favorite chart. Initially my stoplos was placed about the open price of the candle that did the breakout.

    The market has moved down for some few candle sticks. As I am not sure of the market, in this case to have my money protected and manage my position till it gets to the target which is 1:5 R/R. I have moved my stoploss to break even. Also I took another position when the 1.0803 support level got broken and I will soon move my stoloss to break even too.

    EURUSDDaily.png

    Question.

    Do I know where the market will get to and reverse?

    My answer is NO.

    I will simply wait for my first trade to get to it's target and it's either I close it or I wait for it to be triggered, then I will also wait for the second position. No one knows where the market would go.

    Here is also a picture of USDJPY and I did the same thing here.

    USDJPYDaily.png

    This is the way I generally manage my position.

    NB: This is my demo practice and this is the way I intend doing it on real account.

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    This is a very good trade friend, I have added one thumbs up for your great trading, Hope you will follow the same in real trading account too, because most of people have less patience in real trading account. But I love the way you are using to do trade in forex market, Positional trader's have a great advantage in forex and this is a very good beauty of long term time frames, Trader's can lock their profit, can add more positions, and can hold their positions for many more year's.

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    Quote Originally Posted by Khimi234 View Post
    This is a very good trade friend, I have added one thumbs up for your great trading, Hope you will follow the same in real trading account too, because most of people have less patience in real trading account. But I love the way you are using to do trade in forex market, Positional trader's have a great advantage in forex and this is a very good beauty of long term time frames, Trader's can lock their profit, can add more positions, and can hold their positions for many more year's.
    That is the reasons why I have been learned so hard and making sure that I have it well learned before going to the real account.. I know on the real account it could be difficult but I have no other option than to learn and to understand my track strategy which I would be learning on the cent account to confirm how good I would be on the real account when I invest my real money.

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    Quote Originally Posted by sharegistFX View Post
    That is the reasons why I have been learned so hard and making sure that I have it well learned before going to the real account.. I know on the real account it could be difficult but I have no other option than to learn and to understand my track strategy which I would be learning on the cent account to confirm how good I would be on the real account when I invest my real money.
    Sir this is a great idea to star with cent account, or you can learn from your communicative bonus that you are earning from the robo forex forum community, I am checking your thread and this is really a good trading style, If you are a new trader in forex then yeah for sure in real account you will face some problem in starting, especially the term "Psychology".

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    Quote Originally Posted by Hukam View Post
    Sir this is a great idea to star with cent account, or you can learn from your communicative bonus that you are earning from the robo forex forum community, I am checking your thread and this is really a good trading style, If you are a new trader in forex then yeah for sure in real account you will face some problem in starting, especially the term "Psychology".
    I think this trader is doing something as similar as me. I concur with you, if he is a new trader in the business then some psychological issues might rise when trading on the real account. But then this is great the trading style is good and he is based on trading the daily time frame. Ultimately we can see that so many traders are coming to agree that the longer time frame is the best.

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    Quote Originally Posted by splash View Post
    I think this trader is doing something as similar as me. I concur with you, if he is a new trader in the business then some psychological issues might rise when trading on the real account. But then this is great the trading style is good and he is based on trading the daily time frame. Ultimately we can see that so many traders are coming to agree that the longer time frame is the best.
    I am.making use of the candle stick pattern when trading and it is a great way off trading.I am still learning about the strategy,it is hard to understand when one is new into the business.in this case another thing which I now need the more is to to patient and endure the pull backs before getting my targets reached.

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    Quote Originally Posted by splash View Post
    I think this trader is doing something as similar as me. I concur with you, if he is a new trader in the business then some psychological issues might rise when trading on the real account. But then this is great the trading style is good and he is based on trading the daily time frame. Ultimately we can see that so many traders are coming to agree that the longer time frame is the best.
    You are correct about it sir that long term time frames are beneficial for trader's and I can read about it on the forum, but personally I am satisfy with short term trading right now, as far I know we should only love that trading system which is giving us profitable pips consistently in forex, psychological aspects are waiting for everyone and regular experience is its solution.

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    Quote Originally Posted by forexlearner View Post
    You are correct about it sir that long term time frames are beneficial for trader's and I can read about it on the forum, but personally I am satisfy with short term trading right now, as far I know we should only love that trading system which is giving us profitable pips consistently in forex, psychological aspects are waiting for everyone and regular experience is its solution.
    Which ever way, any one that works for you is better. What really matters is that we are able to make money from the market consistently and above all we are able to keep to the rules when trading. The act of managing our positions is very important because after being able to take a trade another thing that comes is to be able to manage the position rightly.

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    Quote Originally Posted by Hukam View Post
    Sir this is a great idea to star with cent account, or you can learn from your communicative bonus that you are earning from the robo forex forum community, I am checking your thread and this is really a good trading style, If you are a new trader in forex then yeah for sure in real account you will face some problem in starting, especially the term "Psychology".
    I am working towards that too. As you can see, I am yet to take out my bonus from my account, as my plan is to keep on accumulating the bonus and only to request for it to be moved to my trading account if I should be able to make good progress on the demo account. It is a cent account and it will help me learn more.

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  10. #10
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    Of course it is two different thing or rather three different thing, making analysis, and spotting a trading opportunity and then opening the trade and then managing the trade, it is all different, therefore we need to learn all these on the demo account before coming to the real account to trade. This is an apt way of managing our trading though I do mine in a different way.

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