All posts tagged Forex Trade Management

Forex Trade Management: Forex Live Trade Room 2015 03 30 #GBPUSD +7

Categories: Live Forex Trades
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A new week, with the quarter and the financial year is coming to a close tomorrow price action should be good. Paul however is laid low with a heavy cold but still manages to do his mic session.

Cable (GBPUSD) has made a low in early London before retracing back. One of the great things that the Tiger Time Lanes Forex software does is show you exactly where in the price cycle you are at any given moment. In this case the price cycle proceeded in the usual way with a retracement followed by another drop, but only posting a higher low (often good for extended reversal trades) before retracing back higher. Paul looked at the time lanes and identified the 15 minute levels. He waited or price to stall and initially took a short at 1.4860. The trade went quickly in his favour so he placed a stop at break even to give him a free trade. However price moved back to stop him out. He then waited for the higher level at 1.4866 and went short again. Again price went in his favour and again he quickly moved his stop to break even. This time, price continued short and gave him a nice +7 pips.

In both instance he moved his stop to breakeven to give him free trades. This tactic not only allows him to effectively have a free trade, but also reduces risk and helps with trading psychology. One of the goals of the 24hr trading room is to minimize risk as much as possible. A further example of good forex trade managenet.

Forex Trade Management: Forex Live Trading Room 2015-03-26 EURUSD break even

Categories: Live Forex Trades
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The main aim of uploading all these trades is not necessarily just show you how good we are, and yes we are good 🙂 but as well as teaching the strategies to provide learning tools so that you can see how professional scalpers trade and how they manage trades. Thus, we will continue to put up break even and losing trades as well because you can often learn a lot more from these and ultimately how you handle these trades will go a long way to making you a successful trader.

Another busy day trading but the early London Session produced an excellent example of how to manage a trade. Although the trade ended break even is provides a textbook example of how you should manage a trade. Chris took an Orange To White trade short after EURUSD made a break to the upside. He identified an area of resistance, indicated by the band shades, on the Tiger Time Lanes forex software, and went into the trade with clearly defined goals. As the trade moved in his direction he manually manipulated the stop settings to first reduce his risk then to bring the top to a break even position after the trade went +5 in his favour, this effectively providing him with what we call a “free trade” where uless something very unusual happens he can’t lose and the trade has only upside. In this case price rebounded back taking him out at break even but it is good practice to try to manage your trades so that you are continually looking to minimize risk.

 
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