Simple Crossover For Newbies - page 2
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hi
OK everyone,
Today I will share with you simple ways to secure your profits & cut losses using this method with the given Indies.
OK so all your Indies give you a signal. You take your position. NOW WHAT!!!! WHERE IS MY STOP?!?!? MY TAKE PROFIT!?!?!?!?!
Well these are questions that only you & your fear & greed can answer. But, I will give you a safe (relatively) way to cut your losses & keep your profits running.
OK. STOPS.
As a general rule you should always use stops. In this method you should place your stop above/below the support/resistance line. The size of your stop will depend on the pair & the time frame. It should also conform to your risk appetite & money management rules.
1st pic below is an example on the GBP/JPY 1 HR.
OK. TAKE PROFITS.
This is 1 of the most debated topic in Forex. Where the hell do I get out? In this method we implement a step method. You should always have a goal in mind but you should also be willing to go beyond it. If for example you are up 20 pips & your goal is 100, stick to it. If the trade looks good then let it go. I almost never close out manually. I follow my trade with stops at certain levels. With this method those levels are the new support/ resistance line created as time goes on. Using this method you will catch the breakouts that happen when price breaks the S&R lines (excluding news times.) So when you get to a certain point you are locking in profits. You can just relax & let it go. 2nd pic below is an example.
Of course these are set & forget settings. If you had a goal of 200 pips you would have hit it. Its all up to you. I try to make it easy & not spend all day watching the charts.
OK. Shoot questions to me here or PM me.
Have a great week.
Bear-nice TS pal
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Forex Indicators Collection
nice TS pal
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Forex Indicators CollectionHey prasxz,
Thanks. I try.
Take Care & Good Luck,
Bear-
Very nice setup. Thanks Bear. FerruFx
Hey FerruFX,
Thank you. Good 2 hear from u again.
Take Care & Good Luck,
Bear-
very nice work Big Bear why you dont post it on manual trading system ??? ive got a lot of e mail from new traders i think to start with a simple trading system its good news incoming its the best my advice 30 min before 30 min after news dont trade only if you can't trade the news
Hey rod30,
I was not sure where to place it. You can always just let them know about the thread.
Thanks.
Take Care & Good Luck,
Bear-
Hey FerruFX,
Thank you. Good 2 hear from u again.
Take Care & Good Luck,
Bear-FerruFx
KIyayi COOl...
Nice Simple....But also....good trading when news coming,,,,,
The EA Gud...super gud hahaha
OK..i will...try more about your,,,System....
***Pips SWEET like LOllipop....
***
Nice Simple....But also....good trading when news coming,,,,,
The EA Gud...super gud hahaha
OK..i will...try more about your,,,System....
***Pips SWEET like LOllipop....hey shawonchi269,
Thanks. if u have any questions let me know.
Take Care & Good Luck
Bear-
Bear
Your explanation is good for old and new no matter what. Even old-timers cannot trade
Good work....
Bear
Your explanation is good for old and new no matter what. Even old-timers cannot trade
Good work....Hey et_phonehome_2,
Thanks. It really does mean a lot.
Take care & Good Luck,
Bear-
Update For Thursday May 29th
Hey All,
GBP/USD- A bit to choppyright now but may change at London Open.
USD/CAD-went long a few hours ago but I missed that.
EUR/CHF-is slowing downafter a 2 day run in the long position.
GBP/JPY- Has been longsince Tuesday & going strong.
USD/CHF-Has been long since Tuesday but slowing down.
EUR/USD-Has been shortsince Monday & going strong.
USD/JPY-Has been long since Monday & going strong.
AUD/USD-Short since yesterday but has been very choppy.
EUR/GBP-Short since yesterday & moving along slowly.
EUR/JPY-Very choppy. Not looking until after Sunday.
GBP/CHF-Has been longsince Monday & leveling off.
EUR/AUD- A bit to choppy for my taste but it has a longsignal 1hr ago.
My current open positions= None.
See you 2marrow.
Bear-