Forex monster Beginners Class

Market is always going up and down and sometimes a News may pop up and sway the market in the opposite direction in which your Trade was planned, But with a Stop-loss order you're safe.

Here you are give your Broker an Instruction to Close your trade when the market wants to go against you.

Stop loss is another important form of Market order, which is like the opposite of the Take Profit

Tp stands for take profit While Sl stands for stop loss

Simply put, its your target profit.. When you open a trade, you calculate how much you want to risk on that trade and how much you want to make from that trade, what tells your trade to close at the point you set your target profit is what we call Take Profit

*Take Profit* is a Form of market order, set by you to tell your Broker/Mt4 to close your trade for you locking in your profit when your trade moves a certain number of Pips in your desired direction even if you're not online

Some trades do stay over for long before they give me my desired profit so I leave them, get engaged in something else, I step out leaving my trades running While Take Profit and Stop loss watch over my trades for me 😄

As a Forex Trader, be you a pro or beginner, it is almost impossible to monitor your trades all time.. I Personally don't just sit on my desk all day in front of my laptops

Next topic HOW STOPLOSS AND TAKE PROFIT WORK

bear in mind that if you trade with;- a standard lot i.e 1.0 you'll make 10$ per pip Mini lot i.e 0.1 you'll make 1$ per pip Micro lot i.e 0.01 you'll make 0.10$ per pips

In the advanced class I’ll show you how to calculate pips automatically using trading view Without having to stress yourself with manual calculations

Let me drop a video on how to calculate pip and lot size

If you choose 0.01 as your preferred lot size for that trade you have chosen to trade 1,000 pieces of the currency

If you choose 0.1 as your preferred lot size for that trade you have chosen to trade 10,000 pieces of the currency

If you choose 1.0 as your preferred lot size for that trade you have chosen to trade 100,000 pieces of the currency

Lot size comes in this format 1.0 standard lot(the biggest single lot) 0.1 Mini lot 0.01 Micro lot You can mix the lot when choosing, e.g you can use 1.11 lot or 1.24 anyhow you want

Lot size determine the amount of currencies you wish to trade at a time Lot size combined with Pips determine the how much you risk on a trade

Now what is LOT SIZE