All language subtitles for 2. Trade Management

so you've done all of the hard work you've performed your in-depth

multi-timeframe analysis you've built the higher time frame story you've

refined your zone to the exact area that you want to build your trade idea around

you've ticked off every single piece of compliments that you need to see in your

trade plan and your entry model has set up and you've now executed the trade

so you are now in a live position with your capital at risk and your profit and

loss on your trading account is floating up and down with price

great now what

if you do not know exactly how and where you are going to exit your position

before you have even executed that trade then obviously you should not be in that

trade whatsoever you need to have an extremely clear and

you know relatively mechanical way of managing your trades that you can repeat

the same way every single time because for most traders you know myself

included once you're actually in a trade this is when emotions can really just be

at their highest because you can see your profit loss fluctuating up and down

with price and you've got risk there you know your money on the line pretty scary

stuff right i remember you know that money to you is the risk of life to your

inner caveman so all of a sudden your your survival instincts are going to

start kicking in and you're suddenly going to have this enormous desire to

just want to win and this is when your amygdala is going to be trying to go

into fight or flight mode and it's going to force you to make all of those common

trading errors in order to try and help you avoid those perceived pains and in

order to try and protect you but we know that that's not going to

help us make money in the long term right so this is where we're going to

need to to really develop and test extremely

clear and simple trade management rules so that we can almost blindly follow

them so what actually is trade management

well it refers to everything a trader actively does after a trade is executed

to both minimize risk and maximize the potential profit so it's the specific

actions made by the trader whilst a live trade is open so essentially when and

how the trader exits their positions now if you have watched the training in

edge module you know specifically the lesson uh that is called developing a

strategy with a positive expectancy then you should be familiar with this diagram

and the concept of profit expectancy so essentially just a quick recap the

amount that you can you know expect to make on a trade on average over the long

term that is a factor of both your strike rate and your average p l

so the lower your strike rate is then the higher your average p l needs to be

for you to be profitable and obviously vice versa the higher your strike rate

then the lower you can get away with your average p l being in order to be

profitable now trade management will obviously have

a major impact on both of these factors and therefore your overall profit

expectancy so once you are in a position attempting

to minimize your risk exposure and maximize your potential reward that will

be decided by how you manage that trade once you are in it

so mastering change management is going to give you a high chance of achieving

long-term consistency in your trading results by managing your positions in

pretty much the exact same way every single time because then you are

bringing a consistent approach to what is a random market

and it will also help you to achieve higher returns by maximizing the

potential reward by not cutting your winners too early and knowing how to

minimize your risk as quickly as possible in an effective way that

doesn't actually choke the trade too early so you can actually let the trade

play out in your favor and as a direct result of that that will

lead to your winners being far bigger than your losers so then you are tilting

the numbers in your favor and that is how you develop a trading edge and how

you improve your profit expectancy via trade management

and then finally developing a management strategy that you know you actually

resonate with so that it is congruent with with your own unique trading

personality and it's an easy on your own psychology that is really going to

massively improve your performance over the long run because it's going to

increase your actual adherence to your trade plan

so that you know you actually stick to your rules and you're not deviating from

your plan and just end up taking you know just shitty trades that just are

not a part of your proven trading edge so we know the benefits to nailing down

an effective and repeatable trade management strategy but what does that

actually entail you know what tools can we use to build

such a management strategy well there are three main tools at our disposal and

the first of those is using take profit orders so a take profit order is very

simply a type of order that specifies the exact price at which to close out an

open position for a profit so if the price does not reach the order

price then the take profit order does not get filled and the position will

remain open until the take profit is hit or the position then hits your stop loss

the second method is using partials so this is essentially pretty much the same

as using a take profit order except instead of just placing kind of

one take profit order which completely closes you out of the trade with your

full volume instead you can set multiple take profits along the way to slowly

partial you out of your position with different amounts of trade volume

so for example you could set a partial take profit quite near your entry so

that when price hits it you will close 20 of your trade volume for a profit and

then you can set your second take profit further away from your entry that will

say you know close out 70 of the trade volume for a profit and then a final tp

uh to close out the remaining 10 of your trade volume so that's the

second method and then the final method is to use a trading stop loss so for

example if you're in a trade once it starts to move into profit you can then

troll your stop loss order into profit two

behind price in order to remove your initial risk so this is a you know

really common way for traders to to move their trades to break even as they move

their stop-loss around their entry price

but then as the trade runs further into profit you can start to lock in some of

that profit by trailing your stop loss you know even further uh along with the

trade before finally price will eventually retrace to wherever your

trail stop loss is and it will eventually stop you out of your full

position uh for a profit now there are some pros and cons to each

of these methods with the first method so just setting uh

one full take profit order this has the benefit of a very hands-off you know

that kind of set and forget approach because once you are in a trade you can

you can basically just set your stop loss and you'll take profit order and

essentially just walk away so in that case you are either stopped

out for a loss or you will hit your full target for you know your full profit

it's very simple and you're pretty mechanical in that man in that manner

what it also means is that when price does reach and hit your tp order you are

then closed out of a position with the full volume size of the trade

so this is in comparison to say partially in the second method because

with this first method when price does hit your final tp

uh you know you will not make oh sorry with parsing i should say you

won't make as much money when price actually you know reaches your final

take profit order because you have taken volume off your position you know along

the way as price is getting there but when you're just using one full take

profit like in the first method if price hits that then obviously you still have

your full volume on the trade at that point um so you're kind of maximizing

your profit in that manner now kind of a downside and a negative to

using just one full tp is that you can end up giving a lot of running profit

back to the market because price could come within you know just even one micro

pip of your tp and then it could reverse and pull all the way back down and

you'll stop you out for a break even or you know potentially even a full loss

another drawback of this method is that you do not cover your initial risk

unless you combine this with the trailing stop loss method and you know

trail your stop loss to break even at some point during the trade

now in a second method with using partials this can also be a very

hands-off approach where you can obviously just set your various tp

levels uh with the set volume to be partialed out as soon as you enter the

trade so now once you're in it you can just go um you set those three or four

or however many tps you want along the way and you can pre-determine how much

volume uh is taken off and this also gives you the benefit of kind of paying

yourself along the way so that if price does not reach your final target at

least you would have banked some profit along the way right

now one of the other major benefits to parsling is that you can use it to cover

your initial risk without needing to try your stop-loss to your entry price

now we're going to talk about this in a bit more depth in just a few minutes

but essentially you know let's say your trade is running at 4-hour profit you

can then partial out 20 of your position so you close 20 of your trade volume at

4-hour profit and this will cover your initial risk so that if price then

reversed and stopped you out if it hit your stop loss you will actually be net

break even overall now the main benefit of kind of you know

removing your risk this way compared to just training your stop loss to break

even and not taking any volume off is that sometimes price will pull back to

your entry level before then continuing again in your favor

but if you had trailed your stoppers to break even then you would have been

stopped out of a position that then went on to be a big winner right so it's kind

of you know you know instead if you kind of just partial out some of your volume

to cover your initial risk then this means that you don't need to try your

stop-loss and it just allows you to give the trade

you know the room that it needs to play out in your favor because a lot of the

time price will pull back a little bit kind of you know around the level that

you entered before it then continues so you just need to give it that room to

play out sometimes now an obvious drawback to using

partials is that obviously when you do hit a big winner and price does reach

your your kind of final target or your further out targets then you will not uh

you know have as much volume left on the trade because you've been partially

along the way so you won't make as much money as just using one full take profit

like the first method so that then brings us to the final

method of training stop losses and one main benefit is that you can move your

stop loss to break even so you are covering your initial risk but you're

still leaving your full trade size volume on the trade

so this way if price does continue in your favor and it doesn't come back to

your to where you trade your stop-loss at your entry right then you will make

more money compared to if you had partialed out some volume along the way

right when price eventually does reach your final tp

now the other benefit to this management style is that you are essentially

looking to try your stop loss behind key structural points or behind supply and

demand in the market as they form so that if price then breaks those and

it breaks down through them and it hits your trail stop loss to take you out

then in theory you should be exiting at the point of expectation order flow

failing so in more simple terms you're

essentially looking to exit at the first sign of a trend change right so if we

were bullish and you were trading behind the higher lows if price then breaks

that higher low right it breaks the downside to stop you out then

essentially that should be a bearish trend change um so in theory you've kind

of you know ridden uh or you know road whatever the

world is to grow that trend as long as possible and then you should be exiting

as that trend is coming to an end right so in theory that should be a very

effective way of kind of riding trends until the end

and maximizing your reward as much as possible however in reality

what you'll find is this method can very often lead you to being prematurely

stopped out because what can happen as we know after the liquidity module right

price can just wick those structural points or zones as a liquidity grab

before then continuing the move in line with the overall predominant

trend so training stop-losses can be quite hard to use in reality

now the other drawback is that it requires a much more hands-on approach

with pretty active management in order to you know be watching price and

trailing your stop-loss behind structure or you know zones as they form because

remember fx is obviously a 24-hour market right so price will be moving

around the clock so you you do want to bear that in mind if you do choose to

manage this way so all of those pros and cons across

those three individual management methods um they are not an exhaustive

list by any means whatsoever but they kind of are the main ones that come to

mind kind of thinking about those three methods there

now my personal and kind of you know quite

general advice to you would be to focus on using either the first method so full

tp or the second method with using partials

i was kind of only really considered using a stop-loss trail

just for moving to break even and not really anything else

i wouldn't really advise trailing your stop-loss to lock in profit as i don't

personally find it to be the most effective management method

you know compared to taking partials along the way

but as always that's just my own personal experience

please use what works for you and just keep testing and refining um yeah

throughout your trading career so now we understand the the management

tools that are available to us how do we actually decide and know where

to set take profit orders or to set you know those orders to partial out along

the way on a specific trade well there are two main ways that we can

do this the first is based on fixed art so the fixed star method now

this has nothing to do with price action or sort of any technical factors this is

just purely based on sort of the math side of things so in other words you

will always set your take profit order at a predetermined amount of profit

so for example you might always exit your full position at 5r

or you may always partial a set amount of volume

at a set amount of running profit so for example you might always partial

out twenty percent of your position at four hour profit and then the remaining

eighty percent of your position at ten hour profit right

now that's fixed r but the second method of setting tps or partial orders is

based on technical targets so this is where you are looking at price action to

decide where to place your orders and you're essentially asking yourself you

know where is price going to potentially pull back or maybe even reverse

and it's those areas in which you want to be taking profit

so these will either be at unmitigated supply and demand zones so those fresh

zones right or structural points in the market

because obviously if price hits a fresh zone we would expect some form of a

reaction and likewise you know when price breaks a structural point

whether that's a swing high or a swing low or a set of equal highs or lows or

whatever what do we expect when price breaks at we expect a pullback or a

reversal as price fills and sweeps that liquidity right therefore these become

you know really great technical areas for us to look at to kind of you know

aim for our trade to run to and then to look

to take profit or even just partial profits there

now of course you can use a combination of both fixed star and technical targets

and a very basic example could be something like this

so let's say you are taking a trade that is with the m15 trend right it's a

proline 15 trend and let's say that you enter on the m1 time frame

and then when price is running at four hour profit you will then partial out

and close 20 of the trade volume and what this means is that you have

actually covered your initial risk so that you do not need to trial your stop

loss because if price does stop you out you will actually be at net break even

so what you have done is you've used a fixed star method to cover your initial

risk but then you can use a technical target to manage the remaining volume of

the position so for instance placing a take profit

for the remaining 80 of the trade volume at the nearest weak m15 swing high or

low so hopefully now your brain is starting

to take over and kind of start to think about all of the different ways in which

you can devise a management strategy that makes most sense to you

that works in line with your overall strategy and something you can actually

execute with your current lifestyle but as always try to keep it as you know

simple as possible there is no need to make it overly complicated sort of

whatsoever so we've spoken about this a fair bit

already and that's using partials to remove your initial trade risk and

essentially break even a position you're in because partials allow you to remove

risk without choking the trade you know like how can happen you know if you

simply just throw your stop loss to your entry price obviously price could just

come back a little bit tag you up for break even and then continue in your

favor so let's look at kind of the numbers

behind this so let's say you close twenty percent of

your trade volume when you are running at four hour profit to cover your risk

if your account is let's say a hundred thousand pounds and you risk one percent

that's going to be a one thousand pound risk on that trade

now if you're running at four hour profit at this point you still have full

volume on the trade so four times your initial risk is four thousand pounds

floating profit right but this is where you can then partial

out twenty percent of your trade size so you would essentially close out twenty

percent of your profit and that means you would bank eight hundred pounds

profit twenty percent of four grand right

now because you only have eighty percent of your initial volume running left on

the position now after you've partialed out this means that if the trade were to

then reverse against you and actually hit your initial stop loss

instead of being stopped out for that full 1000 pounds of your initial risk

you are now only stopped out for a hundred pound loss

so obviously that initial 800 pound profit that you banked when you close

out 20 of the volume at 4r that is then cancelled out by the 800 pound loss that

you take when your full stop loss is then hit

which then we'll net out to give you a break even trade overall

now one thing that you will need to kind of pay attention to and consider

more specifically if you are someone who trades with very small stops

your lot size will be quite high so generally your commissions will be

pretty high too now this of course you know it's gonna vary broker to broker

but if your commissions are quite high then you may want to post out a little

bit more volume just so that you make sure that you are

still net break even overall because you know if you do take quite a lot of you

know breakevens with a strategy then those commissions really can start to

add up and eat into your p l uh kind of over the long run

so back once again to the infamous sort of utopian trade example

annotating the strategy that we've been looking at throughout

all of the lessons so far i'm not going to obviously break down all of this

price action again in order to you know depict how we actually arrived at this

point for looking to take the trade obviously this is just going to be

purely focused on kind of just giving you a rough example

of how you can you know begin to think about how you may want to manage

positions and potentially using a combination of both sort of the fixed r

method uh and also using um you know technical targets because

i think you know if i haven't kind of made it clear already the reason why i

would personally or at least i personally prefer using a combination of

both fixed star and technical targets is because what fixed r

allows me to do is it allows me to to remove my risk in a very mechanical way

the same time every time i enter a trade so ie

let's say over here i enter this trade here

um you know i'm tagged into the position

now you know i could start looking for technical targets to start to to look to

potentially take my full take profit or to take partials

but actually what i want to do is i just want to know how i'm going to you know

initially remove that initial risk that i took to enter that position so you

know remove essentially protect my stop-loss so there's obviously one or

two ways you can do this either you trail your stop-loss up to break even

or you can take um a bit of volume off your trade once it's running in profit

uh to then cover your stop-loss so that if price then you know goes in your

favor right say you're running about four are up about here you then bag

twenty percent right to absolutely volume you then bank so then if price

comes back down and it stops you out of your remaining eighty percent of your

volume that is actually a net break even trade

so um the way i i personally like to use fixed r for that initial uh kind of

first step of my management just to remove risk from my trade then after

i've done that um so it's always obviously it's always based on you know

a fixed amount of profit that i'm running so i as soon as i reach 4r it

doesn't matter where that is that could be you know down here before the lower

timeframe you know high that you've entered on so let's say this was the m1

time frame right sometimes this is going to be a big swing sometimes it's going

to be a tight swing and that's why it's going to differ every trade where 4r

will be sometimes 4r will be here sometimes you know in this case it would

be here sometimes it might be a little higher up right but that's why you know

for me removing my risk generally most of the time is not done on that kind of

kind of first technical level but literally just where am i running

because what i found is kind of two main benefits to that one is the psychology

side of things um you don't have to think about it too much uh it's just you

know as soon as it hits 4r boom i know what i'm doing

um just really helps with emotions um yeah and two secondly the the technical

side of things because it differs from each trade um you know it's just easier

to do that but actually the point is trying to make which is even more

important is that you are you're just playing you know everything we learned

in the trading edge module right of trying to stack that average p l that

average reward to risk ratio combined with your strike rate in your favor if

you kind of just try and be the casino rather than the gambler where you kind

of try and fix your odds as much as possible

i think doing the utilizing the fixed arm method is one of the best ways for

doing that because um you know if you always you know that all of your winning

trades are going to exit at 4r or 10r and you know x amount of volume at each

of those levels then you can start to really you know

use all of the data that you've collected through your testing and your

live journaling to kind of figure out what that best

combination is for you so this will take time um you know to figure that out but

it will just come with testing more and more live trading uh in the market so

just to keep things really simple let's say for example that no matter whenever

you're in a trade you wait until 4r to take some volume of your trade so let's

say we get about here you can then take off that 20 of your volume that mean

that means if you're stopped out you are a net break even but you get to leave

your stop here rather than trading it up because what can happen obviously is

price can come up it can break that lower time frame high you then take off

your volume and then after it sweeps that high right price could obviously

pull all the way back to here tap into that freshly created demand

zone right this this is kind of something

you know if you find yourself being emotional where you see your trade

ranking profit and then you see it pulling back towards your entry and

sometimes you can get a bit emotional about it right and you can kind of

have to fight that urge to not either you know exit the trade at break even or

you know chose stop-loss up and just look and re-analyze price like you

always want to delete the risk raw tool off your charts and just look at price

action and analyze it as if you were not in the trade and that can really help

you to remain neutral obviously don't forget that you're in the trade but just

kind of look at it as if you weren't in the trade and then what you'll actually

notice is sort of sitting there in fear and going oh god price is coming back

price is coming back my profits going i don't want to take a loss i don't want

to take a loss actually you can analyze price and go well what's happened we've

broken structure we've created a new demand zone

we've what do we know after uh price break structure we know it pulls back

and it's probably most likely just coming back to fill those new orders of

near where i entered so you know no need to panic let the numbers fall where

they're going to fall let price play out let's do whatever it's going to do we

have no idea what it's going to do you've done all the hard work you've

stacked you know the odds in your favor you've executed your edge

don't now balls it up and let your emotions get the better of you um and

yeah just delete the restore tool of your charts

reanalyze price see actually it's probably just coming back to this demand

zone and then you know ideally it will continue and of course there will be

times where it just smashes straight through but yeah who cares and

especially when you've kind of used the the uh the partially breakeven method to

your advantage um you know that can give you a little bit more breathing room

because sometimes it will come a little bit lower and then continue okay so

yeah very simply let's just say 4r we take off 20

and then we can start to think about technical targets now right kind of the

second component and the reason why this is beneficial is because once you've

removed your risk now you can use your technical analysis to your advantage

because rather than saying okay um i've taken 20 off for 4r now my second

management step is going to be let's say i'm going to take 80 off at 10r every

time that can work and you know i would

recommend that for some people but every single trade is going to be

different because you know sometimes 10 r could be here sometimes 10 i could be

here right it's all going to depend on price action how big the range that

you're you are within um whether it's pro your high time frame and your medium

time frame you know all this there's every trade is unique right and it's

always going to set up slightly differently so i think that's where

technical targets then are a lot more beneficial because then you can go well

actually and now i've removed my risk i'm pro the m15 trend

you know the pro the medium time frame i'm pro my higher time frame let's say

the four hour as well everything's aligned actually i want to

try and push this trade quite far so then you can go okay well the next kind

of major barrier is going to be that m15 weak high and it's a weak high right

because it didn't take out the swing low so this is going to be the next good

technical target because what do we expect after price is going to break

that it's either going to pull back or potentially reverse right so this can be

a next decent level to take i don't know let's say

uh sixty percent of your volume will fight a decent amount of volume off

there and then you've got um i think you know that would be twenty percent of

your volume left and you can go okay when i'm pro trend i'm going to try and

swing that remaining 20 for that 17r up to the weak four hour high

okay and that's kind of then how you can bring in those technical targets to to

kind of help you maximize your profit potential but it's then tailored to each

individual setup if that makes sense so rather than just going i'm going to

always going to take you know partials at 10r and the next remaining partials

of 15 are that's good because it's based on the

numbers but you know you could be cutting yourself

short a lot of the time or you know 10r could be up here and then you're trying

to push price too far and then after it breaks structure it's going to pull back

and then you could end up you know not banking anything when you were running

quite a lot of profit so that's why i personally prefer kind of fixed off or

initially removing my risk and then i prefer uh technical targets for kind of

the bulk of the remaining volume that i have left on the trade just because that

makes a lot more sense now obviously discretion is going to

come in a little bit when you're using technical targets

but that's where i try and then again try and make that mechanical as possible

and i would say you know i'm always then going to take off x amount at the m15

high and then x amount off at the four hour high now of course whenever

whenever i say specific time frames right remember it's whatever that means

to you so you know in my case the higher time frame would

be the four hour the medium time frame would be the m15 and the lower time

frame would be the m1 or the 15 second for example but of course that could be

you know your weekly your daily your four-hour yaddy idr um so yeah that kind

of wraps it up right hopefully that makes a little bit more sense you don't

have to follow that kind of exact method but it's just to kind of get your brain

thinking um just understanding how the fixed star

can be beneficial and also how technical targets can be um you can just use one

or the other you don't have to use a combination of the both right let's say

you just wanted to use technical targets well then what you could do is you could

go i'm going to go to break even once i uh you know break that first nearest

weak high on my execution time frame so in other words if i enter on the m1 i'm

as soon as price breaks this and one high i'm just going to trail my

stop-loss to break even now i personally wouldn't recommend that but that can

work out and obviously what's the one beneficial

or the one benefit the one pro to doing that

compared to partially out to break even is that when

you wanna you know if you have a really high probability swing trade and you you

have high confidence that price is gonna you know pre have a pretty decent run

well instead of taking off 20 of your volume really early um you might

actually want to hold on to the trade for a lot longer so that you can have

you know a much bigger amount of volume when price does reach here so that you

obviously can you know make higher returns if price does go in your favor

um and that's where you know just training a stop-loss to break even can

be a bit more beneficial so you could either do that you know when price

breaks your execution timeframe high or maybe you want to leave your risk open

and actually just not move your uh you'll stop to break even until say your

medium timeframe high is broken so that means you would enter the trade and you

would do nothing until this high is taken and then once that high is taken

then you're happy to trail uh to break even there okay so

just kind of experiment a little bit um but yeah the kind of the the nearest way

to the way that i personally trade uh at the time of this recording is that i

like to have a fixed r method for initially removing my risk

and then i like to look at technical targets which will generally be the next

sort of m15 swing high low right whatever way i'm training obviously if

it's bullish i want to target that weak high and then sort of try and swing that

remaining bit of volume up to that four hour high there now another way you

could kind of think about it if you want to be a bit more kind of that kind of

more pure day training approach and you like to be completely flat uh by the end

of the session you know the london new york session or just by the end of the

day so you have no positions left running is you could just you know

always just play the m15 range so you could literally take off all of your

remaining volume by the time it gets to that m15 swing higher swing low and

obviously when price um breaks that high then you know potentially the next day

we could then be playing you know within this next m15 range here and then you're

playing that next range for the day so then you can look for an entry in here

to get long and then you take off all your volume off here right and then you

just play the next m15 range and you keep playing that until we get up to the

four hour swing high then when we get up to the four hour swing high and we get

that four hour pull back the next day which obviously would be how this would

look here then you can start playing those counter trend and 15 ranges right

and you're just getting in and out playing those m15 ranges being flat by

the end of the day um of course others of you may prefer to you know be a bit

more of a hybrid approach uh which is a bit kind of more similar to the way that

i trade at the moment which is where i would you know take a healthy amount of

volume you know a decent amount of volume off kind of near these m15 ranges

but then try and swing obviously if it's pro trend um you know try and swing some

volume up towards that nearer uh spring high and try and push the trade as far

as possible any other last thing i do want to mention before i forget is

counter trend trading now it may be a bit simple or some of you

may just want to have one management method and just stick to that same way

every time but i think it makes a lot more sense if you are someone who is

going to trade counter trend to kind of have a slightly different approach for

when you are trading counter trend because you are going to need to be a

bit more aggressive so let's say you got short here right

so this would be counter the higher timeframe trend but pro your medium time

frame so let's say this is you know pro the m15 but count to the 4h um obviously

in this case you know there's a long way to go all the way back down towards kind

of you know this origin demand zone and you know it's quite a big range so you

may want to swing this a little bit further um but what i would recommend is

kind of taking a healthy amount of volume off at the next next nearest low

so in this case you may want to take off like 80 or 90 of your volume at the

nearest sort of medium timeframe low and be really aggressive and then maybe push

a little bit longer or you know if you're entering you know much nearer

kind of the four-hour discount and price could turn around and switch british at

any point then you may just want to literally just target you know a fixed

four-hour fix 5r be in and out and just full tp right full uh trade volume and

not even bother trying to push it even further okay um but yeah i would

definitely recommend kind of having uh kind of your your pro trend conservative

approach management approach and then kind of your aggressive counter trend

approach and you know try and devise some sort of creative ways but

keep it simple don't over complicate it too much

yeah and just kind of yeah just just experiment and see

see what works for you so hopefully that's kind of all starting

to make sense obviously you know we will look at a lot more trade examples as we

go on and as you're kind of you know absorbing the weekly content that we're

putting out but kind of just to wrap up with a few key points on this specific

management lesson there is definitely no one rule fits all

when it comes to trade management what will work will be different for

everyone so that's why you need to spend the time

to find what suits your strategy what suits your psychology and what suits

your trading personality and of course your current lifestyle

so if you are someone who has an active job then it's probably not likely that

you can have a very active and hands-on management approach so you may need to

devise something that is a bit more set and forget for example

and as i said before try to keep your management strategy as simple and

mechanical as possible so this will give you a repeatable process in the market

as something that is easy to test and collect data on so that you can prove it

works now the more that you scale your account

size generally the harder it's going to be in your emotions right as you're

trading more money so you need training management to be very simple and

mechanical almost so that a robot can execute it for you

now when you are using technical targets for your trade there may be some

discretion and differences between each trade when you do this so what i would

advise is that you at least try to be very mechanical in how you choose to

remove the risk on your trade so either always partial at a fixed r

or always partial at a set technical level such as the nearest swing point on

your execution time frame or you know of course you can always try your stop loss

to break even once price you know hits a certain level for example

but whatever method you choose to use just do it the same way every time and

that will help you to achieve consistency and reduce the chance of

psychological errors and finally

test test and test some more

you will always constantly be refining tweaking and evolving a trade plan as

you grow as a trader so just make sure that you are constantly reviewing the

data that you are collecting and very simply just do more of what is

working and less of what isn't and you will find a strategy that is most

effective for you personally as you continue to do this

and i'll just leave you kind of with one final little tip and that is that

i would essentially recommend that you leave a very tiny amount of you know

trade volume on each trade that you take you know even if it's literally just

0.01 lots just so that you can get experience

practicing and managing a trade long term

and you know you might just surprise yourself at how far some of your trades

will actually run and obviously this is quite hard to do in reality um

you know from a psychological perspective in terms of holding a trade

with you know your full volume on for for a long time because you can be

running a lot of profit price is obviously going to have to pull

back right you have to have those hard time frame pull backs and that can be

very hard if you've got your full volume on

but if you leave kind of just an insignificant amount of volume on um you

know when you're practicing you know that you don't really care about then at

least you're still gaining that experience and you know practicing

holding trades for much longer for much longer and then of course you can slowly

start to build from there