Enjoy Trade with SL and TP

Discussion in 'For novice traders' started by Tengkorakfx, Sep 17, 2017.

  1. Tengkorakfx

    Tengkorakfx Active Member

    Perhaps it crossed the question in your mind, whether doing trading forex we must fully be in front of the monitor and can not leave it even if only for a moment? of course the answer is no.

    Advances in technology facilitate you in trading forex. So you do not have to linger in front of a computer that is connected to the internet to monitor price movements. You can also do other activities. After doing technical and fundamental analysis and decided to open position then you can set up Stop Loss (SL) and Take Profit (TP).

    SL can be defined as 'the guarantor of a position liquidated (closed) automatically at an estimated price'. This is intended to limit potential losses that could occur if the market moves against OP position. While TP is 'the price level where we want to close a position when certain profit we have gained'. By installing both, then we no longer need to sit for long in front of the monitor just to exit the target.

    As for how to install SL and TP in trading platform you can do with simple:

    1. Suppose you do open BUY, then TP is installed higher than current price, while SL is installed lower than current price.

    2. If Open SELL, then TP is installed lower than current price and SL is installed higher than current price
     
  2. Roman Rias

    Roman Rias Member

    See, it is absolutely vital that we talk seriously. As using of SL/TP is not about enjoyment or time pass, it is highly necessary and you got to have them. It is irrelevant for scalpers, but for long term traders, it is the FIRST thing you need to set once your trade is open. At least, I am one who does it!
     
  3. andengireng

    andengireng Member

    TP and SL is the most important in Forex trading, just trade your plan, set TP and SL and forget it, you can go to do another work, and you can check your trading activity in the evening, so you are not wasting your time in front of your laptop or PC
     
  4. I believe you get comfort by having SL; I am not sure about the use of TP, as I feel it might often be hard to set but you need SL. If we are having that then we will see secure and not having to worry about anything. But when you don’t have SL then you always feel worried about things when you are not around.
     
  5. Tengkorakfx

    Tengkorakfx Active Member

    I can say that it depends on what kind of trading strategy that you have. Personally, I'm using supply and demand with support and resistance strategy and I can set the TP that is higher in points than the SL itself. But of course it has several conditions...
     
  6. andengireng

    andengireng Member

    Yes, Agree with you, but if you don't want to use SL, you have to add your equity, more equity you have, you have a stronger margin and it is good for your trading activity.
     
  7. Tengkorakfx

    Tengkorakfx Active Member

    Yup, this method will always being implemented by Swing traders that relies on holding a very long trading position, even some traders would keep the order for more than a month...
     
  8. NewbieTrader

    NewbieTrader Member

    then i am a swing trader :D not by choice actually. i just don't have the time to monitor the movement. yet i do want to trade myself, not trusting my money to others. and of course, since i'm holding long trading position, i do need SL and TP.
     
  9. andengireng

    andengireng Member

    1 thing, before you put your TP and SL point, you have to aware about spread that your broker give to you, so it is avoid you to miss understand what profit or what loss will you gain if your TP/SL hit.
     
  10. broforex

    broforex Member

    One important part of the trading plan is risk management. There is no trading system with a win rate of 100% so that without reliable risk management, traders will have difficulty achieving their success targets. One application of risk management is in determining the risk that we dare to take or stop loss. That's why stop loss and take profit are important
     
  11. Tengkorakfx

    Tengkorakfx Active Member

    Agree, a proper risk management is one of the key to gain good balance gain in Forex, you may have a trading system that you haven't mastered it yet, but with a proper money and risk management, you will be just fine even with small profits in your account...
     
  12. broforex

    broforex Member

    Yes, TP / SL is the important part of trading, it will protect your balance and reduce your stress level. TP / SL can be your strategy also, it is your money management. Use it and your account will survive.
     
  13. NewbieTrader

    NewbieTrader Member

    Agreed, SL and TP is important. That's why i was surprised to see some people on other forum saying you can get by on trading without these two. welp, hopefully they won't get too much mc.
     
  14. broforex

    broforex Member

    Risk Reward Ratio in forex has an important role as one of the Money Management practices during trading. Traders who apply the calculation of Risk Reward Ratio in each of their trading positions in a discipline, usually will get a consistent profit.
     
  15. broforex

    broforex Member

    No one can know with certainty the future market movements. The direction of movement can change dramatically because of the influence of data or a major event. This uncertainty is a risk faced by traders.
     
  16. AleFizark1

    AleFizark1 Member

    debian software download swings kid korean movie eng sub online cisco asa software download free 2 of amerikaz most wanted download amrit maan hit song fortnite mobile android apk no human verification call of duty black ops 3 game size life of a dark rose album download the game the documentary album download lego dimensions download torrent download film spider man into the verse golden slumber korean movie online eng sub download mac os mojave to usb game jolt fortnite vaayadi petha pulla video song download download linkin park with you top free fonts for designers windows 10 disk image for mac samsung galaxy lock screen apk imran khan song satisfya lyrics cracked youtube apk king kong 2005 full movie youtube rfactor steam nokia flash file

    somic g951 driver kishore jantri calendar 2019 pdf free download the greatest show free download jaja music download dayz overwatch download unhack app download wizkid tekno adobe reader is not installing hunter killer download how to install mods on mc honge juda na hum mp3 song download app is installed but not showing sainik movie song list aadai movie online hd download ace combat assault horizon pc highly compressed young dumb broke download download sublime for ubuntu 16.04 shareit app download jio phone download film the layover police clearance certificate form download ratatouille 2007 torrent youtube pc version download how to download apps not available in your country android the 13th warrior full movie online

    screenshot software free download for windows 10 how to download my flickr photos driverpack solution usb driver y2 tubemate download game screen recorder for pc free age of empires 2 trial version secrets to drawing realistic faces pdf free download how to download and install realtek hd audio manager windows xp home free download dbz infinite world psp inpage 2000 free download kumbe kumbe by bahati free mp3 download bharat movie all song download blaze and the monster machines download sonic the hedgehog 2019 download power bi download windows 7 ilayaraja songs download mp3 tamil the boy 2016 english subtitles workspace app download ishq ka ain novel pokemon black iso tutuapp alternatives ios 2019 whenchat mod apk baby filter download

    hexatech app download inazuma eleven go download rockstar games social club launcher download avenir heavy oblique font download sza album download the raid 2 subtitles download hp pavilion dv6000 wifi drivers for windows 7 fortnite download for pc windows 7 sultan hd wallpaper gaming youtube apk tal vocoder download meek mill used to be download traffic tour unlimited money apk taken 2 movie download ikemen desu ne episode 1 eng sub chalmaar tamil song download hyper v manager install windows 10 java 32 bit download windows 8 free minecraft alt account generator game dev tycoon download android fantasy desktop wallpaper 1920x1080 dwg trueview 2018 free download best download accelerator for android mobizen screen recorder for samsung apk
     
  17. liafatlouie

    liafatlouie Member

    Right, Sir. So it is best to trade using SL and TP to prevent unexpected market movements
     
  18. broforex

    broforex Member

    We certainly do not want to close a trading position too early, until it fails to profit because it is too hasty, even though the price finally moves to our profit target. However, we also do not want to close orders too late to have to bear heavy losses.
     
  19. Tengkorakfx

    Tengkorakfx Active Member

    Another mistake that I made in the past couple days was putting too tight SL that sometimes the price hit them before going to the direction that I predicted, this happens a lot in Gold that I seen it as a lucrative pair
     
  20. liafatlouie

    liafatlouie Member

    What is the difference between currency trading, GOLD trading, and cryptocurrency trading? Where is more profitable trading with low risk and large profits?
     

Share This Page