Friday, 7 August 2015

Trading Tip: Break Even

Here is a scenario for you, at the NFP release today I went short EURUSD @ 1.0959 and at +20 Pips I set my Stop Loss (SL) to Break Even (BE) and my Take Profit (TP) to a previous low of 1.0820.

What is my Risk?

That's right.  ZERO.  Absolutely no risk, at this point.  I'm already in the plus and my SL is set to BE so worst case I walk away with nothing.  Best case with 139 Pips.    Or I might change my TP or exit manually.

Sometimes trading isn't so much about the right entry as it is about letting your profits run and managing your risk with a BE SL.

Have a nice long weekend!