Need advice on a trade and trading the weekly time frame

Hi friends,

I opened a trade on 3 -10- 16, USDJPY, buy position. I entered at the price of 101.603, set my stop loss at 96.545 and my take profit at 106.270, presently, i have made a profit of $1,320.70, This is a demo account.

My question now is
As i have made a considerable profit and yet to hit my target, is is wise to close the market.

Also this weekly time frame issue, is it the market outlook for the next one week or what?

I am still building my strategies and will be glad to get good advice from everyone.

thanks all.

Alright lets get into this...
You mentioned strategies, did you backtest these strategies?
If not then you shouldn't be trading in the first place.
If you did did you test how the strategy works when you take profits early?
If you did then you already know the answer to your own question.
If you didn't test how it works when taking profits early then you shouldn't take them early.

A trader can go broke by taking profits early.
By continuously taking profits early you end up getting less profits in the end and therefor you can't take as much of a loss as you could have if you did take profits early.
What I have seen people do is move their stop loss to a closer support level if it's holding or moving stops to break even but that all needs to be tested with your strategies.

You also mentioned that you made 1.3k profit already in this one trade and that it's a demo account.
Since this is a demo account is your account size realistic as it would be when you trade real money? Would you be able to put the same money in a real account as you got in your demo account?
Also position sizing are you doing any calculations at all to figure out the position sizing you should take in order to not blow your account?
A demo account should be traded as if it is real.

If you don't know the answer to all these questions I suggest you get an education before trying to trade in a demo account and getting bad habits because of it. At least if you're serious about trading Forex.


As for your question about the weekly I have no clue what you're trying to ask so perhaps rephrase it?


I hope this helps.
-AntiVi

if u are a small trader then trade on h1 if u are a big trader then done trading long term by analysis the markt on weekly time frame