Today,I brought to us how we can secure profit while trading, many of us might have heard or known this but for the sake of those who are unaware you can secure your profit while trading once you are already in profit by placing your SL above your market entry.
Not everybody are into trading in this our local board but for the sake traders in the house.
In my explanation, I will be using meta trader as I'm used to it and I place my trade mostly on it.
How is this done?? I'm going to explain this step by step
The First approach is to Analyse your market very well with full effort to attain a profit when trade is being placed and make sure you have your TP and SL well placed because of other outcomes.
Example one of my placed trade with only SL actually.
Once you are already in profit you can make use of the tool provided to check for where you want your profit to be secured and you can calculate that according to the pips and your lots size.
Once done with the calculations, you can now shift your SL to the point you've calculated, however when the SL is being breached it will be triggered as profit.
with this you now have a profit securer
Note: While securing your profit you might want to consider a possible retest from the market once hit your trade will be automatically closed unless you have already attain your exact profit then,you can follow the market with your SL and you can do and undo this as many times as you want.
Abbr:
SL -Stop loss
TP - Take profit
Edited : to only English.