In this Bangkok Forex trading vlog, I show you exactly what you should do when your trades are almost at your take profit target. Vlog #543
I’m almost there – one of the most challenging situations is having a nice swing trade almost at target. I have green on my screen but it’s not banked. What should you do, especially when your indicators start to reverse?
Every trader has gone through this frustration but here are some tips on what to do in this ‘nice-to-have’ problem.
Let it go.
You’ve done your analysis and risk management before the trade. The odds are in your favor, so just leave it alone. Remember, taking profits early is not only a plan violation, but can screw up your equity curve.
Have your plan spell out when you can reduce risk on a trade. Now you can breathe easier knowing you have no risk and only reward potential. Reduce size – another form of risk management, you get to lock in profits and let the runners run.
Don’t let your opinion get in the way.
If you look at a chart long enough, you’ll find something that will tell you to do something with your winning trade. Focus on what your plan will allow you to do rather than get a market opinion. You’re a trader, not a talking head on CNBC. In the long run, opinionated adjustments reduce your success rate and equity curve. Don’t do it!
Dare I say it – ADD to your position.
This may contradict the previous tip but if you’re a trend trader in a winning trade, perhaps adding to a pullback is not only a valid trade, but can turbocharge you to your original target while keeping risk in check. This method of scaling into winning trades (never losing ones!) can be an extremely profitable strategy without adding tons of risk on the trade.
My name is Etienne Crete (from Montreal, Canada). I'm a swing Forex trader (who has the chance to travel the world anytime) and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
You see, a lot of aspiring Forex traders lack the confidence to pursue their dreams. I'm there not only to help you develop your confidence but also to implement the tactics that are proven to give you results. You'll develop Forex trading discipline and the other skills you need in NO time!
Ultimately, you'll get to experience what a day in the life of a Forex trader truly looks like, but you'll also have to be consistent with your Forex weekly review!
I produce a traveling Forex trader vlog and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That's why you can expect more free content from me than what other people charge for!
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If you got value from this video, you might want to consider checking out the Desire To TRADE Academy where I’ll help you develop a solid trading strategy, implement the things successful traders do, and more! That's all going to be done while you build a lifestyle you love!
If you are wondering how to put together a solid trading plan for trading Forex for others, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!