TIP: Get a piece of the pie while it’s still warm
The market is continuously offering opportunities to take risks and make a profit. Your goal should be to get as much of the profit as you can and to limit the risk. We’ve already learned how to limit the risk, so now we’ll look at how to get a piece of the pie while it’s still warm. I personally use the following method:
For example: If I buy EUR / USD with a stop of 10 pips and a risk of 1% and the market moves 10 pips in my direction, I set my stop to the level I bought. So I am limiting the risk. If the market moves 20 pips in my direction, which means that I will have 2% open profit, I will close 25% of my position if I think the market will continue to grow. In this way, I close a profit of 0.5% and leave a large enough volume that will either generate more profit or will be stopped. Most importantly – I will not lose anything. At the end of the trade, even in the worst scenario for me, I will have a 0.5% profit.
Thanks to Angels-FX tools – Real-time Notifications as well as Live chat commentary, we will let you know when and why we close a certain volume of our deals and what we think the market will do.