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I have developed four distinct trading strategies, each of which includes well-defined stop-loss levels ranging between 35 and 50 pips, along with clearly set profit targets. My guiding principle is that it’s always better to preserve capital rather than take on additional risk in pursuit of higher profits. This approach emphasizes the importance of protecting gains and minimizing losses in order to sustain long-term trading success.
In terms of technical indicators, I rely heavily on the RSI (Relative Strength Index) and the Fisher Indicator to identify potential trade entries and exits. These indicators provide valuable insights into market conditions, helping me to determine the best moments to enter or exit trades. Depending on the specific strategy being used, I may open one or two trades at a time, allowing for a degree of flexibility based on the market’s behavior at any given moment.
Furthermore, I continuously adjust the stop-loss levels throughout the life of the trade as the market moves in my favor, tightening them to secure profits when possible. This dynamic adjustment of stop-losses is done in accordance with the limits set by my broker, and it allows me to lock in gains while minimizing potential losses.
Currently, I am executing one trade on the GBPCAD pair and another on the USDJPY pair. These currency pairs have been chosen based on my analysis, and I apply my strategies accordingly to manage both trades effectively while maintaining control over the risks involved.
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