This is the sequel to Price Action Traders Mindset Part One where I go over how to look for evidence in the forex market and always being aware of what is happening to the left for possible clues of what may happen with current price..
In this part however in the series I will go over all all the aspects of how to place stop loss, how to place break even on a trade and when one should consider possibly taking profit or holding on.
This is an important part of the traders toolkit and is really all about knowing what your risk is before going in on your trade.
Things I Cover or Learning aspects I Go Over Include:
- Every stop loss is different
- Every Break Even is different
- Every Take Profit is different
This is because the market is constantly changing and so as traders we need to adjust and adapt to its ever changing rhythm.. Overall you could say this covers money management to a tee with all the essentials.
In part 3 of the series I will be going over how to eye off trends whether an uptrend or a downtrend and also how to get the maximum amount of profit off these trends by looking for pull backs to previous structure breaks. Also to help others see the importance of structure in the Forex market and to help train the traders eye to see what to many can often be invisible.
Before you go, as always make sure to like this post, every like is appreciated..