There is an old saying that says you should “let your profits run”. In regards to this there are two schools of thought. One: this is good advice and it should be followed. Two: it is better to be consistent and follow your system and take several trades out of the long run. The down side of letting the winners run is that you lose perspective of what is average. The really big winners do not come along that often. By staying away from all of the big moves and stick to your trading plan you will not become confused as to whether it is a big move or an average move. By sticking to your trading plan then you can keep your mind and your capital free to make the most of several trades over the life of the larger trade.
A good method of trading is to be consistent in the way you trade even though you will take small losses once in a while. By trading the same way every time, you will have a better chance of seeing your account grow on a steady bases. When you do this, you are freeing up time and money that can be spent on other average trades—trades with which you are familiar and know how to handle without panicking. In the end this should prove itself more profitable.
All the above information just means that you need a reliable system with as many positive trades as possible. It would be better if the system gave signals to enter trades from indicators rather than candlestick movement. The system should also work on any currency pair and in any time frame. This holds true for when the market changes and moves in a different way. It is our opinion that once you become a good trader you will know how to trade the big moves and make additional trades for smaller numbers of pips as well as adding on to the big move to maximize profits.
When exiting a trade, you can do so under four different assumptions. In the best of worlds, exit technique number one is the profit target. Exit technique number two is the trailing stop, which comes into play when the market is starting to move against you after you have accumulated an open profit. Number three is the stop loss for the occurrences when the trade goes against you right off the bat. Finally, you also can exit with a time-based stop, possibly in combination with any of exit techniques one to three. The time based stop is setting a time like at end of the day or when you leave for work etc.
Having two or more versions of the trading platform can be helpful by putting different accounts or charts on each platform then watching both at the same time on different monitors (if you have two monitors).This way it is easier to track more stuff and have larger screen shots of what you are looking at.Below you will find the instructions of how to download two or more versions of the MT4 trading platform
There are traders that lose money month after month, and the reason is that they always rush into trades without studying them carefully and seeing which way the trend is going or waiting for any sort of retracement before entering the trade.They see a breakout on a currency pair and put in orders to buy, once the order is filled they spend the next hour complaining that they bought the high of the move.They always seem to buy when the currency has had a big run up in 10 minutes.
A trader must see the big picture in trading to survive and prosper. If you only look at the small time frames you are only seeing the foothills of a tall mountain. It is necessary to look at the larger time frames and trade in the direction of the larger trend.
If a trader is going to be in the currency trading business very long they must look at the current trade as only one of many trades. This will help to get out of a bad trade without the emotions.
Trading is all about making money.If you are doing it for any other reason then you are doomed for failure.You need to trade from good old mechanical thinking, which is a mark of a good trader.You get a signal you make a trade you get another signal you exit a trade.Large profit, small profit, or small loss it is all part of the process in becoming a good trader.