First Steps in Forex – Module 3

The final module has two key components:

Firstly, we move from entry systems in the previous module to the vital exit strategies that contribute to your risk management. A sample exit system is provided, bringing together four key exit methods and then again demonstrate throughout how these may be actioned in the MetaTrader platform.

Secondly, you must recognise that a key aspect of trading to master is YOUR psychological interaction with the market. We explore some basic principles of this ahead.

If you wish to return to a previous module, click on one of the buttons below.

Learning dashboard Access module 1

Modules

Module 3.1: Module introduction

Learning Outcomes:

Review the key issues covered in Module 2
Outline the purpose and content of this module

Module 3.2: Exits 1 – Minimising risk with a stop loss

Learning Outcomes:

Define the meaning of the term 'stop loss'
Identify factors used to decide how to set up a stop loss
Implement a stop level to determine proper positioning size.

Module 3.3: Exits 2 – Setting a profit target

Learning Outcomes:

Define the meaning of the term 'profit target'
Identify factors used to decide how to set up a profit target
Circumstances of when to review a profit target.

Module 3.4: Exits 3 – Your trailing stop

Learning Outcomes:

Define the meaning of the term 'trailing stop loss'
Identify factors used to decide how to set a trailing stop
Circumstances to review a trailing stop.

Module 3.5: Bringing it all together – An example exit strategy

Learning Outcomes:

Developing an 'exit system'
Understanding the purpose of an exit system
Being aware that an exit system should be a part of your overall trading plan.

Module 3.6: The seven common trading decision making dangers

Learning Outcomes:

Seven common potential dangers of trading for new and inexperienced traders
How to avoid these common trader traps.

Module 3.7: Taking responsibility for your trading

Learning Outcomes:

The importance of trading responsibility
Causes of responsibility 'dilution'
8 ways to take responsibility back.