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Guys price bullish like crazy only give 40 pips but unfortunately hit our risk 🙏🏻
Wait for next confirmation
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CADJPY BUY @ 106.73
TP: 106.93 (scalper)
TP: 107.23 (intraday)
TP: 107.73 (swing)
SL: 106.05
▪️Use money management 2-3%
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Setting your Breakeven (BE)
BE is a step to protect your capital or balance from experiencing any loss after making profit!
Basically, making bits of profit while minimising any losses when trading.
You can set your BE by shifting your SL to before price action.
You can see a sample from the image above. Left is for Stop Loss (SL) and on the right is once Break Even (BE) has been done.
I hope this was useful to you 🤟🏻
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How to Reduce Risks When Trading
You must ALWAYS set your Stop Loss (SL) and Take Profit (TP) on each entry. This is the only way you can calculate the risks you take properly and make calculated decisions.
Take Profit
Set a target and take profit. It can be divided into 20 PIPS to 100 PIPS.
Stop Loss
Limit whatever losses you may face. This can be used from entry of 30 PIPS to 50 PIPS.
Use a step win ratio!
1:2 = 10 PIPS (SL) : 20 PIPS (TP)
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Bid, Ask & Spread
These are terms that you must familiarise yourself with immediately before you start trading on any platform.
Bid: The price you SELL
Ask: The price you BUY (Usually higher than Bid)
Spread: Broker charges
Every pair has different spread set. Some brokers used fixed spreads and there are those that charge in the shape of floating trades or even, both.
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Using Leverage in Trading
Leverage enables your trading strategy by using money that you loan. The goal is to make big profits!
Leverage Types
1:1 = 100%
1:50 = 2%
1:100 = 1%
1:200 = 0.5%
1:1000 - 0.1%
Remember, leverage comes with its dangers too if you don’t know how to utilise it.
You can overtrade, increase your changes of Margin Call (Total Loss) and the higher the leverage you take, the higher the risks.
Always know your risks before going into a trade okay!
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Percentage in Points (PIP)
PIP is the value of change in a pair. It is the price movement that can be made with an exchanged rate of the forex market.
So how do you calculate it?
Sample:
BUY SIGNAL @ 1.24683
TP: 1.25683
SL: 1.24583
Your TP is +100 PIP and your SL is -10 PIP 😌
