I know how to read markets charts fairly well, but am a novice when it comes to making preset orders, so perhaps someone with experience of this could point me in the right direction?
I am only operating a demo account to see how I do, and am operating a risk management strategy of taking 25% of trade off the table as profit, when I reach 50% of my projected target, and moving the Stop Loss to the trade entry point. This way, I have made 11 ‘successful trades’ out of 13. If I wasn’t doing this (or the same thing but higher up into the trade), then I have only 4 out of 13 trades that have hit 100% of their target.
Deploying the above strategy, would make me a winning trader. Setting the trade and leaving until target or stop loss, would make me a losing trader, or break even trader at best, since targets are much bigger than stop loss margins.
So far, I have only found a way to sell 25% of my trade when the 50% level is hit, by manual execution.
Could someone point me towards the sort of trade option I would be looking for in order to do all this automatically, so I could truly set and forget?