Sunday, 18 October 2009

LMT recommended

As you can see LMT recommended that I set my take profit at 247 pips. At this point though the trade is well past 247 pips so I’m going to let it ride. I’ll keep an eye on the position and once I’ve got a 100 pip lead above the take profit price level I intend to set the stop loss at break even. At this point though those 247 pips are in the bank.

Another method you can use to lock in profits is to set the trailing stop to the value of the take profit. This way once price reaches the recommended take profit level it will lock your profit it and from that point on any pips you get icing on the cake.

I’ll keep you guys up-to-date on how this system performs.

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