7. Entry's and Stoploss.

In this lesson we are going to talk about the entries and stops. Many people always ask me where exactly they should take an entry. In this lesson I try to go into it as much as possible so that you too can get the right entries. Of course a good stop loss is also a very important point and I will also explain this in this lesson. This lesson will consist of many examples and images with explanations on the images.

What else you should keep in mind for trading with a good setup:

  • A clear rejection in the zone.
  • A clear retest in the zone (in case of a breakout) Do not enter the breakout itself it could be a fakeout!
  • You can use a good risk / reward on the trade. (so no high stop loss at a minimal profit.)
  • Do not trade with low volatility. Know the correct times on the pairs that you trade.
  • Do not trade during the news so keep a close eye on eg www.forexfactory.com

If you want to take the least risk with trading with support and resistance, I will always recommend that you follow the trend and look for good setups that go with the trend. Not only can you take the majority of pips with this, you also take less risk.

If you would like to trade a counter, I will only do this if you already have a fair amount of trading experience and you can also see when the trade continues with the trend. This can also happen just like that, so make sure you always have a good Stoploss so that you can never lose too much. We all know that with trading we will not always win but to make a profit you must exclude as many risks as possible and ensure that you win more than you lose!

Here is a short video with a summary about entries and stoplosses.

Homework assignment:

The homework for this lesson is:

Please make a screenshot of possible setups with an explanation of why this would have been a nice setup. Also don’t forget to include your stop loss in the image.

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