One of trades I took this week on EUR/US reminded me of why I only take one target. The reason I have a one target rule is because I have a job where I don't have access to a computer. When I first started trading, I traded a two target system. I heard that if you have two targets you will make more money. I even tested this and it was true that you do make a lot more money with two targets. However, when I started trading this system, it was hard to manage my positions. Moving my stops and targets
was not easy. I was losing money doing this. Sometimes the market would get me into a trade that would hit my first target. Then the market would reverse and stop my second position out. I'm not going to lie but it really sucks not having time to adjust my position because of work. After this happened a couple of times, I thought "what if i use only one target?" So that's what I did. Beause if this, it more like a "set it and forget it" system. This made it easy to trade around my work schedule and started to make consistent profits.
You have to develop your trading plan around your daily schedule or you will find it hard manage your trades.
Till next week guys. Always trade your plan.
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Dustin Pelletier Head Trading Coach at Trading Gains.