So now you pull the trigger and open a position and now you are in the forex market. Sit back in time and give the market a chance to do its job, right? By no means In the foreign exchange market where you bet yourself, the role of the dice is not, and Pasha saw the trepidation and just took the results.
It is a robust, fast moving arena where new information and price movements create new possibilities and transform previous expectations.
We hope you always accept our suggestions about business with a plan – pinpoint in advance where to enter on both a stop-loss and profit basis, and where to exit each trade. Bottom line: By regularly planning each trade before you embrace the passion and hype of the market, you improve the overall chances of business success (and reduce the risks involved).
Depending on the type of business you are pursuing (short-term vs. medium-to-long-term) and overall market conditions, limited or trending, you may have more or less to do when managing open positions. If you adopt a medium to long-term strategy, usually with broad stop loss and profit margins, you may want to go with your set business plan "set it and forget it". But there can be a lot of things that happen when you open a trade and hit a level in your business between prices, so it's always a good idea to be on top of the market, even for long-term business.
Regardless of the trading style you can follow, you will always be paid to keep up with market news and pricing developments while your business is open. Unexpected news can affect your location at any time. The news And while you may not plan for your trading plan, you will need to make changes to your trading plan at any time for any news.
When we talk about changing trading plans, we are referring to taking the profit only (in whole or in part) or reducing the overall risk of the business by removing the stop loss on the business side. The idea is to be fluid and dynamic in only one way: to take profits and reduce risk. By leaving your original stop-out point where you have decided that it should be gone before entering your business.