How to trade 30 min charts

Forex Trading Nigeria

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Posted by on Monday October 8, 2012 10:32:6:

Trading 30 min chart is like scalping and you are meant to only hold positions when doing so for a short period of time, in this case for about 30 mins too.

Here are some Rules first
- Don't trade 30 mins before or after important news
- Trade for only 30 mins
- Risk only about 2% of capital
- Risk to reward ratio can be set at 1:1
- Trade major currency pairs eg. EURUSD, GBPUSD

An Example
Assuming my chosen currency pair is the EURUSD and I have a capital of $1000. I can then have it in mind that I can risk $20 in case I lose and gain $20 in case I win.

So I
- Log into my trading platform
- Set time frame to 5 mins on charts
- Enter with a buy or sell stop at a given price
- Also set a stop loss of 20 pips and target product of 20 pips at that same time
- If I win I would gain $20

If my target is nor achieved within 30 mins, I just manually close with the least profit or even loss.