Set and forget your trade

Forex Trading Nigeria

Home | Live trading | ( 1 ) | Subscribe

Posted by on Friday August 19, 2011 16:58:30:

Set and forget is what traders refer to a trading strategy that doesn't demand you sitting down for many minutes staring at your computer screen after opening your trade as all you are meant to do is just set and forget your trade until it hit its take profit or stop loss point.
A time frame that is suitable for this strategy is a longer time interval such as 4hrs rather than just 15 or 30 minutes since the market can be relatively unstable. 4hr time frame gives you the ease of setting up a trade as long as 4 hrs and until it hits your stop points.

See the Youtube Video on Set and Forget Strategy

A good time to do this is when you have detected a bearish or bullish market and then you make use of stops for making an entry and also setting your exit stop loss and target price. It could be at the start of the European session, you could then make a buy order if you detect a bullish trend and set your stop losses a little bit above breakaway points or specific pips. The key is entering at really low or high prices for buy or sell orders and then leaving it until it simply hits your target. Once you have made the order, you just go away from your computer and not bother about it until maybe 4hrs later or the next day.

For people who need to go to office in the morning and come back late, this can be a helpful style of trading as they can set order entries when prices are low or extraordinarily high and then setting targets depending on how many pips they estimate they can gain from it.

By the time your return to your computer, you can either look at the outcome to see if it has automatically closed or just close it manually if you want to.

The most important thing in using this strategy is making a good analysis that can at best give you a higher probability of winning. Don't go against the trend as trend is your friend. If you are buying or selling a currency, focus on the long term position as this can be helpful for long hour trading like this one.