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High-Powered Investing All-in-One For Dummies, 2nd Edition by Consumer Dummies

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Chapter 5

Putting Your Trading Plan in Action

In This Chapter

arrow Opening a position at the right time and with the right strategy

arrow Making sure you enter everything correctly

arrow Actively administering your trades

arrow Taking profits — or not

arrow Doing some post-trading analysis

This is what it all comes down to. You've done the research, you've looked at the charts, you've developed your strategic trade plan, and now it's time to put it to work. If you thought economic data mining and chart analysis were the hard part, wait until your adrenaline starts pumping after you've entered the trade. This chapter takes you through the concrete steps of opening a position in the forex market, monitoring the trade while it's active, closing it out, and doing a post-trade analysis to refine your trading going forward.

Getting into the Position

You can make trades in the forex market one of two ways: You can trade at the market, or at the current price, using the click-and-deal feature of your broker's platform; ...

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