I would like to share that I am currently holding a Long position on USDCAD. I follow a two-part forex trading style, with each part consisting of 1% risk.
In the first part, I plan to close the first 1% as soon as the first take profit level is reached, which guarantees some profits. In the second part, I will move the stop loss of the second 1% to break even to minimize potential losses. The trade will then run its course until I either decide to close it or the trailing stop triggers the position to close automatically.
By adopting this approach, I can effectively manage my risk while maximizing potential profits. I believe that this trading idea has a high likelihood of success in the current forex market conditions.
Thank you for taking the time to read my trading idea, and I am open to any feedback or questions you may have.
In the first part, I plan to close the first 1% as soon as the first take profit level is reached, which guarantees some profits. In the second part, I will move the stop loss of the second 1% to break even to minimize potential losses. The trade will then run its course until I either decide to close it or the trailing stop triggers the position to close automatically.
By adopting this approach, I can effectively manage my risk while maximizing potential profits. I believe that this trading idea has a high likelihood of success in the current forex market conditions.
Thank you for taking the time to read my trading idea, and I am open to any feedback or questions you may have.
Comment:
First TP almost hit but is now trading lower. I am still in the trade.
Comment:
Stopped Out