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Learn Forex Trading > Articles > How do you enter a trade? |
How do you enter a trade? |
![]() Does this mean you shouldn't trade Forex? No it doesn't. What it means is that you need to take the time to learn the fundamentals and know how to apply them. The first thing you should do is know the right way to enter a Forex trade. I guess you may be thinking that you already know this, but bear with me. Most traders haven't a clue as to how to really place a trade to maximize your profits, minimize your losses, and have a hassle free Forex experience. First step: Analysis You need to analyze the market using technical indicators and/or fundamental economic criteria to find high probability trades to execute. Step 2: Place an initial stop Before you think about profits you have to minimize your potential loss. This is done by placing a Stop Loss to determine your maximum potential loss. The initial stop should never be changed. Step 3: Place a Take Profit price On each Forex trade, you have to know how much money you want to make. This is done by placing a Take Profit order to exit the trade at a certain profit. This will allow you to not monitor the trade and waste a lot of free time in front of the charts. Step 4: Place a trailing profit As you trade begins to enter into profit, you want to move the Stop to a place which will guarantee a profit (or at least a break even trade). This is done by a trailing profit order which moves with the market price to make sure you make a profit even if it's a small one. These are the 4 steps. Don't enter a Forex trade without them. |
![]() S.Arvind CEO, Forexnext.com, Sunpips.com, Suninside.com Forex Education and Trading Advisory Consultant Technical & Fundamental Forex Trader Introduction Broker (IB) Alpari UK |
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