#ForexTrading #ProfitTakingStrategies #ForexStrategy
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Video key moments
00:00​ - Start
00:25 - What is a take-profit order?
01:02 - Percentage-based take-profit
01:23 - Fixed-pip take-profit strategy
01:47 - The indicator take-profit strategy
02:25 - Technical Analysis Levels
02:52 - Trailing stop-loss
04:03 - Time-Based Take-Profit
04:18 - A Fundamental-Based Take-Profit Strategy
04:40 - Take-profit strategies for protecting investments
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🔎📊 In the world of Forex trading, there are seven common methods to set your take-profit levels. Each one has its strengths and weaknesses, and the choice often depends on your trading style and financial goals. The seven strategies we will delve into today are:
✔️ 1. Percentage-based take-profit: It's all about setting a target profit at a certain percentage above the value of the position you open.
◾ Let's say you open a trade at $1,000. You could set the take-profit at 10%, which would be $1,100. It's simple, it's straightforward, and it's an effective strategy for many traders.
✔️ 2. We have the Fixed-pip take-profit strategy. This is another straightforward method where you set a fixed number of pips above your entry point to determine your take-profit level. For example, if you've bought GBP-USD at 1.2300, setting a 100 pips take profit would mean you're aiming for 1.2400.
✔️ 3. The indicator take-profit strategy. Let's use the Moving Average Take-Profit strategy. The MA measures price fluctuations based on its period.
◾ If we use the 50-period, we consider the closing price of a currency pair for the last 50 periods.
◾ Therefore, whenever the price closes below the 50 period, we know the price is showing bearish sentiment and it's time to take a profit if we are in a buy position.
✔️ 4. Technical Analysis Levels. You could use several aspects of technical analysis to determine your take-profit level. You can take profits at key technical levels like support or resistance zones or channel lines.
In a buy position, whenever the price trades to the resistance level, it signals the time to take a profit
◾ In a sell position, whenever the price trades to the support level, it signals the time to take a profit.
✔️ 5. Trailing stop-loss: It's a type of trade order that moves with the market price.
◾ If the value of your asset goes up, the trailing stop-loss order price adjusts accordingly, staying at a fixed level below the highest price that the asset reaches. This strategy can help you lock in potential profits and limit losses without having to monitor every single market movement.
✔️ 6. Time-based take-profit is particularly useful if you want to limit your exposure to market volatility or if you're trying to capitalize on specific market conditions that you expect to expire at a specific time.
✔️ 7. Now, let's look at a different approach, a fundamental-based take-profit strategy.
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