Trading without Stop Loss and Take Profit is not advisable and not the right thing to do. By doing so you jeopardise your capital/equity. Traders should learn to be contented! ‘contention is gain..
Success in Forex is determined over the long term period of one month;Bi-monthly,Quarterly or Annually as the case maybe. Hence the need for Stop Loss and Take Profit accordingly prior to placing your trades thus:-
1. Determine at what price you intend to exit your trade should the market move in the direction of your trade;
i) LONG OR BUY TRADE; If you are to go LONG(BUY) and having placed your trade please note the entry price.
ii) ADD the number of the pips you intend to take out of the market to the entry price to determine your take profit(TP)price level.
i) SHORT OR SELL TRADE; If you are to go SHORT(SELL) and having placed your trades please note the entry price.
ii)SUBTRACT The Number of pips that you intend to take out of the market from the entry price to arrive/determine the take profit(TP)price level.
2. Always determine at what price you intend to exit your trade should the market move against your trade;
i)LONG OR BUY TRADE; If you are to go LONG(BUY) and having placed the trade,please note the entry price.
ii)SUBTRACT the number of pips (from the entry price) to arrive/determine the price level in which if the market breaches that level it should close you automatically as this will minimise your loss.
i)SHORT OR SELL TRADE; If you are to go SHORT(SELL) and having placed trade,please note the entry price.
ii)ADD the number of pips (to the entry price) to arrive at a price level in which if the market breaches that price level it should take you out of it automatically.
The use of take profit(TP) and Stop Loss(SL) in Forex trading cannot be over-emphasised. Most newbies or new traders come to grasp of its importance as far as longevity in the business of trading is concerned.
One should not feel that because EUR/USD or any other currency pair moved 70 pips today or more then one should set STOP LOSS or TAKE PROFIT . That is simply a wrong mindset..
Please note that the high drop in prices or high increase in prices do not occur every now and then, so traders must incorporate Stop Loss and Take Profit as part of their trading plan.
For more InstaForex Nigeria Tips on How to make money in Forex. Click here..
Your ability to abide by these four basic rules as contained in this post would help you make money out of the Forex market!
The Forex market is a 5.2 trillion dollar daily market. This is higher and more than trades in all the world’s Stock exchange put together. This is what makes the market tick. Come to think of it; The Banks especially in advanced countries,Investment companies,millionaires,billionaires such as Warren Buffet, George Soros,etc are all in it making lots and lots of money out of it. With the recent BREXIT REFERENDUM many Forex traders made money more than ever before. What are we saying here?
Knowledge!!! According to the WD GANN (the greatest Forex trader of all times)”money spent on gaining knowledge is money in the bank”.At instaforex.com.ng we teach you how to make a business out of it.
1. ABILITY TO OBSERVE SUPPORT AND RESISTANCE ON YOUR CHART.
This is one key factor that enables traders to make money in the Forex market. The best means is the ability to observe it on a bare chart and utilise the Resistance and support areas in making money out of such market as regards your entry and exit point/areas.
At instaforex.com.ng Our experienced trainers and analysts are always ready to take you on a one-on-one basis and show you the technical way forward.
2. THE USE OF INDICATORS
Indicators act as a guide. Ability to abide by its rules is very vital and would help you make money out of the Forex market. Patience is a virtue. Good indicator should be able to give or produce a minimum of 65% actualisation of trade targets. At InstaForex Nigeria we make available to our trainees,indicators with a minimum 75% good trades at no cost(free).
3. RISK/MONEY MANAGEMENT.
Every Forex trading platform has its money/risk management embedded in its VOLUME.The traders ability to understand the use of volume as regards money/risk management relative to his/her broker give you an edge. InstaForex is a micro platform provider,this allows both small and huge investors alike to have access to the Forex market via its trading platform.
4. SEEK A MENTOR
it is said that when you stand on the shoulders of mentors,one could avoid the various pitfalls or mistakes along the road to financial freedom. Mentorship is one of the Edges a trader utilise in making money out of the Forex market; SEEK IT,Go for it,start making money and you would be years and years ahead of your trading peers.
Come join the World’s leading Broker and you would be glad you did. At www.instaforex.com.ng it is nothing more than “Instant Forex Trading”
InstaForex account registration only takes a few minutes and allows you to conduct trading operations in the Forex market..
After registration, you will be entitled to all Bonuses been offered to traders by InstaForex ranging from NO DEPOSIT BONUS, 30% WELCOME BONUS, 55% BONUS, 100% LFC PARTNERSHIP BONUS and so on. Each bonus received from InstaForex can be instantly used to trade financial instruments or investments in Forex projects.
This is what you need to do in order to open an account:
1. Accept InstaForex Terms of the Public Offer Agreement; This agreement does not have to be signed in order to be binding; it is as legally valid as a standard paper contract.
2. Fill in the special registration form; After you have completed all the fields, you will receive the following information via email: your trading account number (login) and trader password needed to access Client Cabinet. They are also used for conducting operations via a trading platform; your phone password (keyword) used when you contact InstaForex Nigeria Technical Support or Dealer Department; your PIN code for confirming withdrawal requests.
You can start making deals on the Forex market after you have deposited money into your InstaForex trading account for the first time. You need to do it within one month after account registration. The minimum deposit size is just $5.
Now you can set up a trading terminal on your PC, tablet or smartphone, and start real trading!
Still unsure whether you need to open a Forex account? Let us list a few of the benefits you get from trading with InstaForex:
-InstaForex is recognised as a world-class Brokerage Company;
-Instant Funding & Withdrawal from Banks within Nigeria.
-Free International MasterCard for withdrawal on all ATM’s world wide
-More than 3 million traders worldwide choose InstaForex;
-Our trading conditions are designed to suit every trader in the Forex market;
-We create efficient online services with user-friendly interface to make trading process more convenient and accessible;
– (InstaForex Nigeria Support Dept) will teach you how to work inside the trading platform, make orders, use the most effective Forex strategies, etc;
-We will provide you with all necessary information,data and Forex News;
-Our online charts featuring a wide range of additional tools make technical analysis as precise and comprehensive as possible;
-All our traders disregarding their level of experience can participate in various campaigns and contests regularly held by InstaForex
-There is a great number of trading bonuses you can get by trading with us.
CLICK ON THE LINK BELOW TO OPEN AN ACCOUNT.
Click on the following link to instantly Fund your InstaForex Account in Naira.
Click on the following link to Withdraw from your InstaForex Account in Nigeria.