You do all the work to find good trading opportunities; intermediate Forex traders may want to think about running their profits. There are many ways to do this however the key is to be consistent.
Here are two examples:
- Using price structure
- Moving averages
Once your trade breaches a key swing level, you can start trailing your stop under each swing low. Each red line shows the placement of your stop each time a swing high is taken out.
The other method is to trail your stop using a moving average which is the grey line. Each time there is a bar close, calculate the value of the moving average and tuck your stop underneath. This example shows a 34 EMA.
Regardless of which method you use, both are objective and take all the emotions out of the equation.
These three tips are meant for intermediate Forex traders however advance traders can certainly apply this to their own trading. These three Forex tips are the top of my list for successful trading.