Sunday, June 25, 2006
Learn online forex trading - The market stopped me
Learn online forex trading - The market stopped me..what did I do??
Remember about my online forex trade on USD/CHF? If not, please read my last two articles.
I was looking good towards my target of 1.2270..I was at a point in 63 pips profit.
Then the market turned and turned big..To be honest I didn't see that coming..It could have wiped my entire profits. But I guess I was bit smart, so I didn't loose all my profit.
How?? I generally move my stop loss to secure part of my profits..So, here is what my rule is -
1. In online forex trading, I keep my stoploss between 20 to 40 pips from entry point. The exact number is dependent on the market conditions such where is the immediate support/resistance etc.
2. When my trade is in profit and the profit is equal to my stoploss amount, I move my stop loss to entry point. So now if market reverses, I atleast won't make any loss.
3. Then after every 35 pip further profit, I move my stoploss by another 35 pips in the direction of trade.
4. Then ofcourse if I see that there are signals that market may reverse, I close my trade and not wait for market to stop me out.
So, in this trade, when I was in 63 pips profit, my stop secured part of my profits. So, although I got stopped out, I mad 30 pips profit in this forex trading.
Also, let me share with you, after this I placed another trade on USD/JPY and closed that trade at 105 pip profit..:-)..How?? I am testing a new system, if the system turns out to be reliable, I'll share the details with you..ofcourse for free..:-)
Watch out for my next article, it will contain details about another profitable indicator that can be used in online forex trading.
So, keep visiting to learn online forex trading
Remember about my online forex trade on USD/CHF? If not, please read my last two articles.
I was looking good towards my target of 1.2270..I was at a point in 63 pips profit.
Then the market turned and turned big..To be honest I didn't see that coming..It could have wiped my entire profits. But I guess I was bit smart, so I didn't loose all my profit.
How?? I generally move my stop loss to secure part of my profits..So, here is what my rule is -
1. In online forex trading, I keep my stoploss between 20 to 40 pips from entry point. The exact number is dependent on the market conditions such where is the immediate support/resistance etc.
2. When my trade is in profit and the profit is equal to my stoploss amount, I move my stop loss to entry point. So now if market reverses, I atleast won't make any loss.
3. Then after every 35 pip further profit, I move my stoploss by another 35 pips in the direction of trade.
4. Then ofcourse if I see that there are signals that market may reverse, I close my trade and not wait for market to stop me out.
So, in this trade, when I was in 63 pips profit, my stop secured part of my profits. So, although I got stopped out, I mad 30 pips profit in this forex trading.
Also, let me share with you, after this I placed another trade on USD/JPY and closed that trade at 105 pip profit..:-)..How?? I am testing a new system, if the system turns out to be reliable, I'll share the details with you..ofcourse for free..:-)
Watch out for my next article, it will contain details about another profitable indicator that can be used in online forex trading.
So, keep visiting to learn online forex trading
