How I Turned a Losing Trade to a Winning Trade.

[asiaforexmentor 10]

Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade.

 

 

Forex trading pair: GOLD = XAU USD

This is an interesting trade on the forex pair XAU USD.

In the chart above, we see a series of forex price action inside bars. (Highlighted in the blue box)

Meaning bars that are smaller than the previous bars.

When a series of inside bars like the above happen.

It means that price is having an indecision of where to go.

It’s like it is gathering momentum, for a burst out of either side.

Which could either be up or down.

So what happened in this scenario is that we placed 2 pending orders. A buy and a sell.

These 2 orders are marked by the gold line (entry) and the red line (stoploss).

So the buy order triggered. (Gold line -Entry) and we got in on a buy trade.

With that, i took away the pending order for the sell trade and made it a stoploss for the buy order.

Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade

 

When i trade, i would usually have 2 take profit targets.

So that when take profit 1 is hit. Which is marked by the purple line. I would have taken my first profit off and shifted my stoploss for position 2 to break even.

By doing so, i am also on the “SAFE” side. As price may hit Take profit 1 and reverse back down.

And as i have taken profit a TP1, my 2nd position’s stoploss is shifted to breakeven.

So i am in a FREE trade.

So whether or not it may hit TP2. I have already gotten profits.

In this scenario, i have taken profit at TP1 and my 2nd position has hit my stoploss for breakeven.

So i’m out for this trade.

From this scenario you can see that i am not always perfect.

No one is.

By trading on the above method, we are sure that our account size will grow consistently.

Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade

 

Lets look at what happen next.

 

 

Price went right down after which.

So if i hadn’t had a TP 1 and TP2 method.

I would have kept my stop loss at the red line.

And made a loss on this trade.

BUT By doing playing the above method.

Instead i have gotten profits..

I hope you gain something from this post. Let me know if you did.

 

Ezekiel Chew

[henryduncan12 10]

Ezekiel Chew, It is not difficult for a forex expert like you to Turned a Losing Trade to a Winning Trade. I hope some other traders also follow your suggestion and be able to turn losing trade to a winning trade.