How to Beat Forex When You Have a Day Job – Part 4/4

Trading Strategy
This is a guest post by Robert Jones

This is the final part of my FREE Forex strategy for traders with day jobs. If you haven’t read the previous parts yet, you can find them here: part 1, part 2, part 3.

How to Exit Your Trade

This following exit strategy, although extremely simple, is very effective. It will get you out of a bad trade quickly – also keep you in a good trade when you get on a big move.

The 2-Bar Trailing Stoploss

When you enter a trade, you place your stoploss initially behind the bar you enter, and then you trail it after that.

Each new bar that is made, you move the stoploss up to behind the lowest of the previous two bars – this is for a long.

For a short trade, you trail the stop behind the highest of the previous two bars, as the market continues down.

When your stoploss is hit you’re out of the trade.

If you’re still a little unsure of exactly what I mean then take a look at this chart:

Chart: Exit Strategy

Further Strategy Tips, Tricks & Guidance

Thank you for following along in this four-part strategy.

I wish you the greatest success in your trading,

Robert Jones

This four-part FREE strategy, although very effective it itself, is just part of a rock-solid and devastatingly powerful strategy by Robert Jones. The strategy is called Price Action 5click here to learn more.

Comments

I have really appreciated the concise descriptions you have given of patterns and signals.
Thank You.

You’re welcome Stephen.

Forex really does not have to be that complicated. I encourage you to have a look through your charts with a view of what I’ve shown you in this 4-part series.

Robert

Thanks for sharing the strategy, i m still not clear with the S/R finding. Is there any material where i can read and practice more on S/R. I know its very important to identify S/R levels.

Hi Aqeel,

Without trying to push my own product – Price Action 5 goes through identifying and trading S/R.

The S/R is just one component of the strategy and the rest builds upon it.

There is a lot of information on the internet about S/R so perhaps google it if you want to learn more about S/R specifically.

Robert

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