Easy Plan for Taking PROFIT!!! , Cred goes out to Grizz01
How’s it going pips and pipettes? I come to you today with a simple but successful strategy for beginners to even professionals.
Work out what amount you want to trade. Then instead of entering that full amount. Break it in 4 and make for different smaller lot orders. Now you’ll have your final target for profit, break that down into 4 sections. When you hit the first TPL (take profitlevel) take one of those smaller lots as profit. The other 3 being down to break even. When you it your 2nd TPL close the second one. Bring down the remaining smaller lots to the 1st TPL, and continue.
(Prime Example). 1470 is target that’s 10 away so Take profit levels would be (4 levels/10= 2.5)
1) at 1480 price enter your 4 trade size(eg if total amount is 100 Troy ounces each would be 25 Troy ounces). Put initial stop loss -2.5 for all 4 trades
2)take profit levels set at
1: 1477.50 (25 Troy ounces)
2: 1475.00 (25 Troy ounces)
3: 1472.50 (25 Troy ounces)
4: 1470.00 (last 25 Troy ounces)
Now the key is that every time you close out a profit position, you bring the rest down 1 level hedging it down(example when your first profit level hit the remaining 3 go to break even, then when you hit your next take profit level the remain 2 go down to the 1st take profit level and on and on
Work out what amount you want to trade. Then instead of entering that full amount. Break it in 4 and make for different smaller lot orders. Now you’ll have your final target for profit, break that down into 4 sections. When you hit the first TPL (take profitlevel) take one of those smaller lots as profit. The other 3 being down to break even. When you it your 2nd TPL close the second one. Bring down the remaining smaller lots to the 1st TPL, and continue.
(Prime Example). 1470 is target that’s 10 away so Take profit levels would be (4 levels/10= 2.5)
1) at 1480 price enter your 4 trade size(eg if total amount is 100 Troy ounces each would be 25 Troy ounces). Put initial stop loss -2.5 for all 4 trades
2)take profit levels set at
1: 1477.50 (25 Troy ounces)
2: 1475.00 (25 Troy ounces)
3: 1472.50 (25 Troy ounces)
4: 1470.00 (last 25 Troy ounces)
Now the key is that every time you close out a profit position, you bring the rest down 1 level hedging it down(example when your first profit level hit the remaining 3 go to break even, then when you hit your next take profit level the remain 2 go down to the 1st take profit level and on and on