A take profit (TP) is an order placed by a trader to close a position at an exact price for a profit. Take profits reduce the chance of adverse moves against a winning position, by automatically closing the position for a gain.
A stop loss (SL) is an order placed by a trader to close a position at a defined price, stop losses are used to limit losses on a trade. No trader can be right all the time which makes stop losses a great asset for protection against unfavourable moves.
New to the Forex trading journey and really just care about making money? Nothing more. Just the lifestyle, flashy and luxurious. Fast cars. The parties. Freedom. Financial freedom. All the things a lot of YouTubers will show you or those who claim to be traders on social media because they’ve been trading for a WHOLE 2 MINUTES!!!
Please don’t let the lifestyle fool you. Whether you are new or you’ve been trading for 3-5 years and you’re struggling to find your feet.
A skill not to be underestimated
Ever thought to yourself what makes someone greedy? What makes someone want more than what they set out for or what makes them take more than they need? I have. Plenty of times. Maybe even judged them a couple of times. Until I caught myself being greedy. We get greed for different things. And as Forex traders we get greedy to extract the VERY MOST out of the market.
Think of trading in probabilities! This is one of the most used statements in trading education, the reason being it is true. But what does “think of trading in probabilities” mean. By the end of this article, you will have an understanding of how probabilities apply to the market and why focusing on the odds in trading will make you more profit.
Ever seen someone bet all his chips at a poker game, although he knows that he doesn’t have a winning hand, but he does it anyway? Some of you maybe, but most of you not. And you’re probably thinking ‘why on earth would anyone do such an irrational thing to themselves?’… Well, how about we ask ourselves the same question.
Not for the faint-hearted
A stop-loss that trails behind price. A trailing stop has been the answer to many traders’ prayers, yet it is so downplayed and overlooked you would swear it was an indicator. Well, it isn’t… This is how you actually use a trailing stop. I’ll be the first one to say I had no idea you could trail your stop behind price until about 6 months after I started learning how to trade, some of you literally just found out
To Scale In or Not to Scale In… That is The Question…
MONEY. MONEY. MONEY. That’s the game we play. Money Management is a crucial part of a trading system. Often this part of a system is over-looked and ignored but Money Management alone can be the pivot of a trader’s career from unprofitable to profitable. I don’t blame you! Money Management can be Unsexy, the veggies on your plate if you will and unfortunately for some… MOM KNOWS BEST.