I always hear from others the essential needs of becoming a profitable trader you will need to know these things:
1. Technical Analysis
2. Money Management
3. Psychology
but yet I don't see anyone talk about Trade Management. One can have a correct analysis for the future direction of a particular currency but when you open a trade and managing that trade is extremely difficult. Especially when dealing with Interbanks. Placing your stoploss and still going based on the rules of money management having correct win risk ratio is one of the most difficult aspect of this business. What I mean by difficult is there are times where I placed my stoploss at certain area the market turned "just to hit my stoploss" before going towards the direction I wanted. Making me think the market makers are hunting for those stops. So when mastering trade management you would do what's necessary to dodge these stop hunting events. Here are some charts on when I got stopped out of my trades to the PIP!! I would like input of profitable traders regarding this and their experience and knowledge.
1. Technical Analysis
2. Money Management
3. Psychology
but yet I don't see anyone talk about Trade Management. One can have a correct analysis for the future direction of a particular currency but when you open a trade and managing that trade is extremely difficult. Especially when dealing with Interbanks. Placing your stoploss and still going based on the rules of money management having correct win risk ratio is one of the most difficult aspect of this business. What I mean by difficult is there are times where I placed my stoploss at certain area the market turned "just to hit my stoploss" before going towards the direction I wanted. Making me think the market makers are hunting for those stops. So when mastering trade management you would do what's necessary to dodge these stop hunting events. Here are some charts on when I got stopped out of my trades to the PIP!! I would like input of profitable traders regarding this and their experience and knowledge.