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

  1. #1
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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.

    Attachment 13066

    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.

    Attachment 13067

    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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  2. #1161
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    When it comes to position management, lot of things comes in place for a trader. A trader can however modify a current position to suite his risk and see it favors them at the end. Sometimes we might look to make some few adjustment in an open position and we can easily do this with the modify settings. Loss is important to manage and if we are looking to manage risk, we should be prepared to apply stop loss at the best time and see we can have good chance of making profits from this trade.

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  3. #1162
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    Quote Originally Posted by altafch View Post
    good skills are important and when we trade on good skills we can earn some good profit.without doing good trade we can not earn and this is possible when we use demo account for some period. because demo tell us how to trade and it clear us ways to trade and understand market, if we do not have proper experience on demo , real trading is not possible
    That is the reason why the trader should learn and know about the good trading strategy, because when the trader can take good entry, I think they can then manage their trade adequately. To become successful trader. I think a lot of learning is needed. Knowing when to close the trades and all that comes with good planning and then willing to follow the rules.

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  4. #1163
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    Quote Originally Posted by Makaveli View Post
    That is the reason why the trader should learn and know about the good trading strategy, because when the trader can take good entry, I think they can then manage their trade adequately. To become successful trader. I think a lot of learning is needed. Knowing when to close the trades and all that comes with good planning and then willing to follow the rules.
    To take good entry we should have patience because many times we get impatient and emotional and take trades at the wrong time. Managing emotions will help to manage things better, but managing emotions is not simple because many traders dont keep patience or have very high expectations. Forex is a realistic business and here it is not just about the opportunities to earn but the risk of loss too.

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  5. #1164
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    First of all, the position management is a good thing, however, I am not in for traders adjusting their trading stoploss and all that when they are trading, I am more in for the trader being able to allow the trade run, therefore, to me, it means that the best trade management should be done when the trader has taken the trade from the onset, that should be when all the plans should be done and taken into account.

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  6. #1165
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    Quote Originally Posted by Striker$ View Post
    First of all, the position management is a good thing, however, I am not in for traders adjusting their trading stoploss and all that when they are trading, I am more in for the trader being able to allow the trade run, therefore, to me, it means that the best trade management should be done when the trader has taken the trade from the onset, that should be when all the plans should be done and taken into account.
    stop loss is one good thing it secure us from losing, actually when we have some proper sl into trading it secure us from big loss or margin call, we can lose some pips from single order cannot lose all, so i also lose more because of this issue, i do not use sl into trading, we all should use some sl into trading,its best for us, and we can say its secure i just wish market come back and i will avoid this mistakes next time

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