How To Manage a Trade in Forex Trading

[moonchild]

entering a trade is one thing and managing a trade is whole different thing entirely in this post we'll be looking at how to manage trades and positions you enter, for example let's say price comes to a support and you bought, as your trade progresses you keep on adding to your winners and then all of a sudden, reversal happens and it starts going against you furiously, what's the best thing to do.

The first thing to do is to always m oh very your trades to break even immediately they are profitable, by doing this whatever happens you'll be able to contain it and at worst you'll be taken out at break-even, then when price starts reversing, check and see if it's see truly a reversal or minor retracement and act accordingly.

 

[FinTrader]

Firstly, transactions must be of a small lot according to the rules of money management. Secondly, you need to immediately set a stop loss. It is better to move the transaction to breakeven or set a trailing stop as the price moves in the right direction; do everything according to the terms of the trading strategy.