Short for Foreign Exchange which is exchanging one currency for another. Forex trading is the purchase of one currency and selling of another simultaneously for profit
An order you set with your broker to close out your trade if price goes in the opposite direction and hits your pre-determined exit price.
An order you set for your broker to close your trade once your pre-determined exit out of the market is reached.
BeginnerEarly Stages for Beginners8 Topics
Forex Terminology11 Topics
- Major and Minor Currency Pairs
- Basic Forex Terminology
- Pips & Ticks
- The Broker & The Spread
- What is a Lot?
- Stop Loss & Take Profit
- Margin & Leverage
- Retracement & Reversal
- When Can I Trade Forex? Sessions - Market Open and Close
- 3 Types of Analysis (Technical, Fundamental, Sentiment)
- 3 Ways a Market Can Go (Up, Down, Sideways)
Margin & Leverage2 Topics
Personal Psychology Questions2 Topics
Psychology for Beginners7 Topics
IntermediateIdentifying Scams2 Topics
Brokers for Beginners5 Topics
Technical Analysis13 Topics
- Types of Charts
- Understanding Japanese Candlesticks
- Candlestick Patterns For Beginners
- Single, Double & Triple Candlestick Patterns
- Support and Resistance
- Confluences w/ Candlesticks & Support & Resistance
- Counter Trend Trading/ Counter Trend Lines
- Moving Average
- Top-Down Analysis
- Consolidation Trading (Breakout, Retest, Continuation)
Market Structure5 Topics
CompletionRisk Management for Beginners8 Topics
Fundamental Analysis9 Topics
AdvancedUsing Indicators6 Topics
Technical Analysis (Part 2)8 Topics
How Long Should I Hold a Trade For?
Realistically, there’s no right answer for this. A good answer can be: whenever you feel like you’re done with the trade. Another good answer can be: when that trade hits your take profit or stop loss. Although micro-managing every single second of your trade are habits of a bad trader, adjusting and making a genuine decision to get out of the trade or to let it keep running is 100% your responsibility, and you must own it. Meaning, don’t regret it, you’ve already made the decision, now move on. If you closed the trade early, it’s okay. There will be another. If you let it keep running and you shouldn’t have, it’s okay. There will be another. Whatever answer lines up with your trading plan is the correct answer.
On the other hand, you don’t want to extend your profit target when you are up. That is fueled by greed and that can negatively impact your trading. What you don’t want to do is turn a winning trade into a losing trade by not knowing when to take profit.