Currency Trading Secrets to Raise Your Profits
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’s really important not to keep a winning trade open till the moment ‘feels right’. Either you are aiming for a certain number of pips or you are waiting for something similar to an oversold or overbought signal and then close right away.
There are a few options for the positioning of the new stop and it’s a smart idea to back test these for your personal system.
2nd option, your stop moves to your entry position and or minus the spread. So if the trend now turns on you, you’ll have a reasonable profit on the 1st half of your trade and break even on the second half. What’s best is dependent on the first position of your stop. Equally, never be tempted to apply this system to a loss-making trade. It might be a giant mistake to only close half of a trade when it hit your stop, unless you are testing different positions for the stop.
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