Thursday, 26 March 2015

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

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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