Adjusting Your Take-Profit Order For Better Trades?
Your Take-Profit Order Should Be Constant
In this Forex trading vlog, I share my thoughts on a question in regards to adjusting your take-profit order in the Forex market. As a Forex trader, the last thing you want is to be making a decision on-the-spot. Vlog #202.
Consistent Take-Profits Lead to Consistent Results
No matter what happens in the market, I favor a Forex trading methodology in which my actions are constant. That means that I don't want to have to modify my approach and tweak it at every trade.
Ultimately, only consistent actions in the market can lead to consistent results.
We Never Know How Far The Market Will Go…
In addition to aiming for consistent actions as a Forex trader, I also got to understand that we never know how far the market will go.
The market is uncertain and it is never possible to predict with any certainty where the price is heading. Because of that, I prefer to set my take profit order in a more mechanical way.
If the market goes beyond the take-profit order, that's alright. If it doesn't reach the take-profit, that's alright too.
By adopting a tested mechanical take-profit strategy, you will most likely end up better off over the long-run!
What's your take-profit strategy? Are you being consistent with it? Comment below and let me know!
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