How to Follow Forex Signals - Millennial Women Inspirations

As what we have learned from previous article Ways to Forex Trade for Beginners and if you are planning to follow some of the Telegram/WhatsApp Channels or other services offering forex signals were you manually do the entries on your MT4 or MT5 account, here are some few tips on how to follow them.

Abbreviations

Before that, note that these are the abbreviations often used on this article:

TP – Take Profit
SL – Stop Loss
BE – Break Even
BE+ – Break Even plus (some pips more that the Break Even)

So here are the steps that I have learned following signals especially on those good channels offering.

Entry

1. When there is signal you can open with these following cases (just choose which of these you are comfortable at most):

Case 1: Two entries (especially for lesser account balance $50 – $150), for TP 1 and TP 2. If there is a TP 3, then 3 entries. Recommended lot size is 0.01.
Case 2: If you have at least $200, you can open 4 entries, 2 for the 10-15 Pips, 1 for TP 1, and 1 for TP 2. 6 entries if there is TP3. Recommended lot size is 0.01 per $200. So if you have $400, lot size is 0.02. If $1000, then 0.05 lot size. And so on.
Case 3: Same as Case 1, two entries for TP 1 and TP 2. Recommended lot size is 0.01 per $100. So if you have $400, lotsize is 0.04. If $1000, then 0.10 lotsize. And so on.

Positive Floating Profit

2. When there is a positive floating profit around at least 15 pips (Note: 1 pip = 10 points), secure BE, that is set the SL for 1 pip to 3 pips.

And for those using Case 2, you can close half (the 2 entries mentioned) and set BE for TP 1 and TP 2
For scalpers, you can close all.

First Take Profit

3. When TP 1 hits, scalpers can close all. For those holding for TP 2, set BE or BE+ for ZERO RISK.

Add New Layer

4. (optional) This case is high risk. When negative floating is 20-30 pips, you can add layer (another set of entries) and stick to SL. Here are some cases that you can do:

When the price backs to the first entry point, either you can close first entries when it’s zero or a little positive
Then set BE for the layers
Scalpers can close all as it’s already a profit
When price is 15pips at least above the first entry point, scalpers can also close all

Pending Orders

5. (optional) If in case you are late for the entry, you may set a BUY LIMIT or SELL LIMIT. In case the entry already hits TP 1, just delete/cancel your Pending Orders (BUY LIMIT or SELL LIMIT)

6. (optional) This is high risk. In case you are sure that entries will hit TP 1 or TP 2. You can have an option for have an OPEN SL, and wait for TP 1 and TP 2 to hit.

7. (optional) This is high risk. Add another TP 3, an open TP. Just take note that set BE right away when TP 1 and if TP 2 hits for ZERO RISK

If you have any possible ideas how make this to low risk, please let us know by Leave a Reply below.