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.



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.


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.