Im using a forex .com demo account and I bought a EUR/USD and made a profit of 80 pips but idk what to do after that
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Each pip equals money on a real account , so build up the account and spend the cash
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This is the only key question that matters after you find a strategy with positive expectation of winning trades - you only need to find one strategy that works, but you need to decide where to exit with profits on every winning trade after that.
The question to start with is, when you have a winning position, do you or do you not see TA evidence that suggests that price will continue and increase profits?
If there is no evidence for price continuation, exit now and bank the profits.
If the TA suggests price will continue, there are multiple possible positive routes forward -
- close now but look to re-enter at the next possible opportunity, whether or not this is a conventional chart entry signal
- move your stop-loss to at least break-even and pyramid the original position
- trail your stop-loss and hold until the stop is hit
- close the position and take the rest of the week as a holiday: when you come back, look at the markets as fresh and new, as if this trade never happened
No one of these options is best. There might be others available too. Trial and error and personal preferences (down to individual psychology) apply here.
A negative decision would be -
- leave the original fixed stop-loss in place and hold until this is hit - turning a winner into a loser
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I normally just withdraw any profits at the end of the week, like on Fridays. I don’t withdraw everything though. Like let’s say I make $300 profit for the week. I’ll take out half and leave the rest in m trading account for the next week. It depends on the person really
Hey so since you’ve already withdrawn cash, how fast/slow is that process for you? 