Resolved Question
I am at a loss whenever exiting trade is the issue. Often times I exit trades in the wrong time. Any thoughts?
over 2 years ago
Best Answer - Chosen by Asker
I suggest you set a profit target whenever you set your trade. This way, you won't have to keep watching the price action, hence you won't feel tempted to exit the trade every time the price seems to move against you. Price movements tend to be volatile sometimes and the price can hesitate or pull back a bit before heading in your direction. If you are cautious about losses, using a stop loss is also a good idea. This would allow you to minimize your risk and limit your losses to as much as you can tolerate.
over 2 years ago
Answers (2)
Hey, I suggest you use stop loss and take profit every time you plan to trade. This could be effective especially when the market is against you.
over 2 years ago
* You must be logged in to add comments. Sign In or Join Askpips.com.
Profit Targets and Stop losses are your best friends when it comes to risk management. Personally, I'd never do a trade without them. This ensures that even if you're not in your computer, you can close your trades at the right time... whether they be losing or winning trades.
over 2 years ago
* You must be logged in to add comments. Sign In or Join Askpips.com.
Open Questions in Beginner
Resolved Questions in Beginner
- Should I go live? Please give me your advice on this.
- For a newbie, which currency pair do you think is the best to start with?
- Which do you think is better? Daytrading or Position Trading?
- For a newbie like me, is $1000 a good starting deposit in forex?
- I work full time and I'm wondering if signal providers really work. Has anybody had any experience with them?
* You must be logged in to add comments. Sign In or Join Askpips.com.