How to manage risks
Forex provides you with a unique opportunity to become a wealthy person and can change your life. Many traders start learning and testing various forex strategies and completely forget about risk control. To achieve profitable results, you need to not only achieve big profitable goals but also limit your losses.
Any of their forex strategies will bring you to profit if you manage your risks wisely in each order. Be sure to place a stop loss pending order for each open order.
It is very easy to set Stop Loss in the trading terminal. This can be done directly on the chart if you click on the line of open order and drag the cursor to a level where you limit your losses. You can also set Stop Loss in the Trade tab and when opening a new order.
To convince traders, you can set a Trailing Stop that will follow the price at a specified distance. Trailing stop works on the server-side, so you don't need to leave your trading terminal enabled.
How to use forex strategies
Here are the most popular forex strategies that have shown their effectiveness over a long time. For you to be able to make regular profits on your orders, you must choose the strategy that suits you best and follow it.
It is very important to follow the strategy to the end, without closing the order ahead of time, otherwise, you will violate the whole concept of the strategy and this will be arbitrary trading.
You need to wait until your profit reaches your Take Profit level. It will take some time to reach the Profit level, so be patient and do not rush to close the order ahead of time.
Not making a full profit is one of the mistakes in money management. For profitable and long-term trading, your profit must be several times greater than your losses.
Place a pending order Take profit with a real target near the main support and resistance levels.