Please explain to me better

I am new into forex but I don’t understand when I should stop a trade , I think I fall into the category of swing trader .
My questions falls into two parts
1 , when shld I end a trade , once I open a trade must I be online watching the chart or can I go offline.
2. If I copied an expert trading strategy when will I end the trade also , will I wait till he or she ends his or her trade.

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See it depends upon the trading strategy you are using. If you are scalping, you would need to sit on your screen throughout and observe the prices. Close and open the trades simultaneously by gaining small profits.

But if you are trading long, like day trading, positions trading etc then ascertain the pips you want to earn from a trade. Use take profit and stop loss to ascertain the pips. In this way you need not sit in front of your screen throughout.

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Hi :slight_smile: you need to check it, which kind of tradnig is fit for you. Regards Greg

Actually with my schedule I can’t stay on the screen for longer periods …and it seem I dnt like the ideas of investing for weeks or months .
I can only be available to trade btw 1-2 hrs daily.

Well, i would suggest you to try out scalping or day trading on a demo account first. Once you are confident about your trading style, you can shift to live but first research for the best strategy according to you.

Yes you can go offline in between, but you need to see if your situation demands so.

A logical answer would be -

Q1 - You end a trade when the belief you had when you entered it is disproven.

So, if you believe price is going to rise you plan to enter a trade long at a certain price. You cannot be 100% sure that price will rise from this price but you must be at least 51% sure. You also at the planning stage look at the chart to identify where price would need to fall to in order for your belief price was going to rise to change and become a belief that price is not going to rise.

That’s where you will put your stop-loss.

When you have identified the distance between entry and stop-loss, you can calculate how much this will cost you from your account and you adjust the size of your position so that the damage is not too serious if the stop is hit.

Q2 - Do not rely on what other people are doing. You must carry out your own analysis or else stop trading and put your money in a savings account.

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scalping is really good trading approach that brings profit in a short time , but sometimes scalping causes really a great risk.

Yes, that is true, risk is there for sure! But when you are trading on cfd’s risk is something which always remains. Just like life, trading without risk is boring and lacks opportunities.

I am into scalping, so I prefer being glued to the screen. You can plan a strict exit strategy and stick to it, to save you time.

Try an end of day type of strategy. I’d suggest using the hourly chart. Check all the USD pairs and look for clear USD strength or weakness. Then isolate the best USD pair. Either enter at market price if all seems good or leave a pending order in the market. This type of trading can be done quite quick then you will be free to get on with the rest of your life.
Best of luck with your learning journey.

Have you tried using marketmilk for this type of thing? Or do you use a different tool? This sounds interesting! How long have you been using this strategy? :open_mouth:

I’ve only been trading for about 6 months. So I’m quite new.
For this system I just use charts and group all USD pairs together on my screen for quick visual analysis. Personally for support and resistance my preferred method is using trend lines. I have an ea that can follow my trend lines for my pending orders.

If you are a swing trader, then you need to make use of the STOP LOSS and TAKE PROFIT tools. Your strategy will determine what level to set it at. So far I have learned that.

STOP loss and take profit should be according to your risk level, but along with that one must also consider the breathing space while setting up your levels. Generally tight stop losses end up closing your trade before a profitable price action.