Naturally, all traders know that you should set a limit order or at the very least include a decent profit aim or closing signal in your intention and keep to it. It’s really important not to keep a winning trade open until the instant ‘feels right’. Either you are aiming at a certain number of pips or you are waiting for something like an oversold or overbought signal and then close immediately.
There are several options for the positioning of the new stop and it is a good idea to back test these for your personal system. First option, if your stop was originally 20 pips out from your opening position, it now moves to 20 pips from the price at which you just closed half the order. 3rd option, the stop moves to half way between the opening price and the current price . What is best is dependent on the original position of your stop. Naturally you don’t want to move it so close to the current price that it is caused too quickly.
Equally, never be tempted to apply this method to a bad trade. It might be a gigantic mistake to only close 1/2 a trade when it hit your stop, unless you are testing different positions for the stop. Currency exchange techniques should maximize your profits, not your losses! .
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Learn Moneymaking Forex Trading
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