Entries are only half the story…
It’s often said that a well-planned and executed entry makes for an easier trade and I believe that to be true:
Know your entry, park a conditional order and let the market come to you.
But managing a forex trade is a significant part of following a trend. I have found through decades of trading and observing traders from all over the world that oftentimes once a trade is profitable traders somehow let go of the discipline either exit too soon, trail stops too close, or don’t trail at all.
I use a tool that allows me to understand both historical and current volatility so I may give a currency trade the “room to move” it needs hour to hour or even day to day. One aspect of that analysis is the Expected Price Movement Range or “EPMR”.
In today’s Free Forex Video, I will walk you through how I use this to manage trends for big wins or what I call endearingly “monster trend trades.”