Set and Forget trading strategy

Forex Trading Nigeria

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Posted by on Thursday March 1, 2012 16:39:23:

Set and Forget trading strategy is really all about using buy and set stops to make an entry and exit in a forex trade. You just set the price at which you want to buy or sell a currency and the price at which you want to exit from the trade. It works automatically such that even when you are no there, it follows your order smoothly.

This is a method which most forex experts use to trade to earn profit. Some use it for daily, weekly or monthly trading and for holding positions.

If you want an easy way to trade Forex online in Nigeria profitably, the best way you can do this is by just setting and forgetting your position. It will automatically close when you reach your desired profit which for some traders can be as high as 100 pips in a week!

It is all about setting your target and then entering a position close to the day's low or at a resonably low price for your paired currency and then setting your exit target immediately when creating that position.
So here is what you do basically:
On a good day like Tuesday, trade a currency pair like Eur/USD and then if you buy at 1.3505, you immediately include an exit target at 1.3605 giving 100 pips but in order to stay long in the trade, you need about $1000 in your account and then buy up to $100,000 using the leverage given to you. This will allow to to be making a profit of $1 per pip and so for every 100 pip gained, you stand to gain $100. But this is only so if the trade goes in the positive, if the trade goes negative you will likely lose $100 for very 100 pip loss. You may also have your forex position closed, if you continue losing up to your available funds say $1000 although this is unlikely to happen in a week except the currency falls really low. However to be on the safe side, cushion against losses and stay longer in the game you can set an exit stop loss to say 20 pips as well as increase your forex funds to say $3000. In a week after setting your targeted 100 pips with a $1000 investment, you should be making up to $100.
This is a good way to trade forex without spending many hours looking at your charts or staying on the computer. Just set your target point and forget it, it will automatically close. The best days for using this strategy are Tuesdays and Wednesdays and when the market week is not too volatile.