Really quick question here. I’ve been studying forex for a couple months now, and just started a demo account last week. Anyways, I heard talk about being in a trade and banking 70% of your profit while letting the rest “ride” (i.e. keeping the remaining 30% in the trade…I think). Being a newbie, I have no idea how to do that. Let’s say I entered a trade by selling 1000 units. Is banking that 70% simply buying 700 units of that same pair??? Thanks in advance for the read(s) and answer(s) everyone.
sounds about right. i think there’s also the expectation / implication that for the remaining 30% position, you move the stop-loss so that in a worst-case scenario the trade auto-closes (hits stop-loss) at the break-even point (which ought to be the initial entry price plus whatever the spread&commission is, so that it genuinely IS break-even)