Pick of the Day Rules Question

Beginner Questions
1

Hello,

I was reading the pick of the day rules here:
Trade Rules: | Forex Blog: Pick of the Day

and I was wondering if anyone could explain or give me an example of how to trade lots in multiples of 2 and also how to deal with the PT1 and PT2.

Lets say a signal looks like this: Short EUR/USD at 1.3000, stop at 1.3200, pt1 at 1.2800, pt2 at 1.2600

How would my orders look if I want to follow the pick of the day rules?

Thanks,

Sebastian

2

The link that you posted answers the question…

3

sebastian you open 2 seperate orders at the same time.

p1 is 1st profit target
p2 is 2nd profit target

so when you open both orders they are identical except the take profit level.

this limits your risk to 0 after the first target is hit.
pipcrawler likes to trail his stop to get a maximum amount of pips.

4

Thanks for answering for me guys!

And remember, the purpose of the blog is to show you what I am doing and my thoughts, and maybe you can take a thing a two away from it to develop [B]your own way of trading.[/B] You don’t like trading multiple lots? Or trailing your stops? Or scaling in and out? That’s cool… don’t follow me or anyone else and do what’s most comfortable for you! :slight_smile: