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When to Close The Trade
Trading is simply 1,2,3, so you start learning with a demo account and after you master it, you move to a real account and deposit money, and here you start applying strategies and making profits! Trading goals differ among traders, some of them trade for short-term profits, while others are interested in investing for a long-term period, and the prices of financial instruments that are traded are determined based on supply and demand in the market, and thus their value can change continuously throughout the day.
There are some basic elements that must be understood and some tools that must be available in order to achieve continuous profit in trading and avoid large losses, but all traders must understand that in the forex market there is no absolute profit, that is, losses cannot be completely avoided. his ups and downs.
What are the ways to determine the entry and exit points of the deal?
There are many methods used and different trading strategies to determine entry and exit points when starting trading in forex, the most important of which are: defining the trend, using support and resistance levels, technical indicators, and always using the stop-loss order, as it is the easiest way to exit any deal with minimal losses and add more It protects the trader’s account and limits the risks, as the stop-loss order can be modified at any time when the deal is open, and it is of two types: the fixed stop loss and the moving stop loss.
There are many forex traders who trade without developing a prior plan, as they open the chart and start trading immediately, and at other times they settle for trading based on their reactions to some economic reports, which in their view justifies entering quickly into some deals, and it is possible to achieve some profitable deals Without the help of a specific trading plan, but you will eventually discover that your losing trades will outweigh the winning ones!
When is the best time to exit a trade?
Most traders focus all of their thinking on the appropriate time to enter a deal, and this matter takes the largest part when analyzing and applying strategies, but it is equally important to know the exit time.
But there is no specific time to exit the trading transaction, as the decision depends on your trading strategy and the market conditions at the time, and when you open a deal, whether it is buying or selling, you must decide when you will exit from it, by means of pending orders, “Stop Lose” or “Take Profit “You can also decide to exit manually based on your market analysis and trading strategy.
In general, you should combine your exit strategy with your trading strategy and select the appropriate options for each trade based on the market conditions and specific goals.
What are the elements that affect the success of the deal?
There are many elements that affect the success of the deal, the most important of which is knowing the most appropriate time to enter and exit, so the trader must be fully aware of the exit point before entering the deal, as it seems at first glance that finding a good entry and exit point is difficult, and the importance of determining the entry and exit points lies From each trade in determining the profit or loss, defining the points of exit from the trades in advance helps in managing the risks of your trading account.
And that technical analysis helps to search for patterns and trading signals that indicate the direction of the market, and fundamental analysis to know the basic factors such as economic news and reports that affect the financial instrument, as the two analyzes also have a great impact,
The success of the deal is related to the trader’s psychology, where the psychology affects decision-making if the trader feels fear, greed, and continuity in the deal when there is a loss. The market is in their favor at any moment, and many rush to close their profitable deals prematurely for fear of turning them into losses.
Certainly, the different trading strategies and determining the most appropriate for trading based on the trader’s goals, style, and financial instruments that he trades, so the successful trader must take into account all these elements when making a trading decision, and determine the appropriate strategy for each deal according to the market conditions and specific goals.