Taking Profits in Forex Trading?

[moonchild]

When it comes to taking profits a lot of people have different opinions, some people believe that you should have a fixed TP and you shouldn't do anything till price hits your TP, while other traders believe that you should have a flexible TP and take profits occasionally as markets provides it for you.

Setting a predetermined TP is good because it helps with discipline and it helps build your confidence in the market but it shall be noted that market is not rigid and has no manual, every move is unique in the market and it may not favor rigid ideologies.

On the other hand taking profits as markets make it available seems ideal and can be the way to go for traders, because you'll be able to get your profits whenever the markets moves and even if it reverses you have something to show for the trade.

Finally, I think it all depends on the style of the trader and their level of development.

 

[Ovy]

In Forex trading, it is always very important to take plans for the amount of profits you want to make and also being willing to take smaller profits in the markets might not be in your favour.
I will personally advice you to use trailing profits to ensure your profits are locked while the market still moves positively and favourably to you.