July 30th, 2010
Posted in Taken from 10K to 1MM Trading Formula
There are some forex methods you can use to increase your profits, no matter what currency trading system you could be using. Here is one easy trick that will help you to make more out of each successful trade. Naturally, all traders know that you must set a limit order or at a minimum include a nice profit target or closing signal in your scheme and keep to it. It is important not to keep a winning trade open till the instant ‘feels right’. Keeping a trade open for an uncertain time, looking to make the maximum of it and profit from every last pip, is a road to ruin. Sure it is aggravating to close out a trade at fifty pips and then see the trend continue to 200, but how often does that happen? We have a tendency to remember trades like that and forget the others, so if you don’t keep a record of what occurred after you closed a trade, now is the time to start. Of course, to do this you should either be trading more than one lot or have a broker that accepts fractional lots. You can set a limit order for the first half but you need to be watching the market so that at that point, you can set a new limit order for the second half and at the same time, move your stoploss. The new limit order might be half your original profit target or it might be an identical quantity again, but not more.
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