December 2021
Beginner
416 pages
11h 4m
English
Content preview from Currency Trading For Dummies, 4th Edition
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Chapter 11
Managing the Trade
IN THIS CHAPTER
Staying on top of prices and news
Listening to what other markets are saying
Updating the trade plan over time
Protecting profits and extending gains
So, you’ve pulled the trigger and opened up the position, and now you’re in the market. Time to sit back and let the market do its thing, right? Not so fast, amigo. The forex market isn’t a roulette wheel where you place your bets, watch the wheel spin, and simply take the results. It’s a dynamic, fluid environment where new information and price developments create new opportunities and alter previous expectations. Actively managing a trade when you’re in it is just as important as the decision-making that went into establishing the position in the first place.
We hope you’ll take to heart our recommendations about always trading with a plan — identifying in advance where to enter and where to exit every trade, on both a stop-loss and take-profit basis. (We go into more detail about trading strategies in Chapter 10 and the Appendix. Don’t forget tax considerations in Chapter 12.) Bottom ...
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