02/12/2024
How to Apply BREAKEVEN (BE)?
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So, back to the current scenario we have these possible situations on our 2 entries or positions:
→ Hitting Take Profit 1 but not TP 2
On this case, once TP 1 hit and if we are waiting for TP 2 to hit, it is safe to set Breakeven on the entries that was left. So we will move the SL from 1.08700 to 1.09010 (1 pip), so that in case the market go down it will hit close to zero or at $0.10 if 0.01 lot size.
→ Closely Hitting TP 1
There are some scenarios that the current price is like 15 pips positive floating profit of close to TP 1. In our opinion, if you are a scalper you may close it as profit. But if you want to wait for this to hit TP 1, then you can also set SL to Breakeven. And bonus tip, in case you open like 6 entries on this, you can close half of the entries so that you have a profit secured and set BE for the rest.
Conclusion.
We know that Forex Trading is more on the probability. We can never know with it hits Take Profit or not, even though we are confident on our mapping or analysis. But still it is safer to apply this Breakeven strategy to secure profits.
We hope that this Education helps a lot on you trading. And more profits to come!
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