Importance of Planning Profit Targets

by FXChris on February 21, 2012

http://SmartPip.com/ Couple updates... Just added some new free Forex video excerpts of the live SmartPip Forex room to the site come check them out here.

Today though we found ourselves with some time to kill awaiting a pullback, and we thought why not just hit the record button & create an off the cuff Forex Lesson covering the scenario we found ourselves for later use. Today's lesson is about the Importance of Planning Profit Targets, you can play it below.

I will be adding these lessons as they occur onto the site here if you wish to reference later. As for the content remember they are done on the fly & unplanned. Also, well, please be aware I can certainly sometimes be a bit of a smart a$$ but, that’s just who I am.
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Forex Lessons Video – The Importance of Planning Profit Targets - Feb 21st, 2012
Scenario - After wrapping up pre-London scalps we took in the live class, we discuss our plans for London continuation. This can be a problem for many traders who know planning an entry/risk/stop is important. Yet you would be amazed how many do not plan profit taking or scaling levels, or management criteria prior to taking trades. So while it was clear we had a good 30 minutes or more before our London open entry arrives, this seemed like a great time for an on the fly lesson, on the Importance of Planning Profit Targets.

Should you try an hold on or scalp that profit & await the re-entry when the London money comes in? That's the tough question right?! In this video we discuss the logic behind it as well as going through some of the trader psychology processes we go through as traders when we do not plan profit targets. Keep in mind this lesson was unplanned and off the cuff.

Want to learn to plan your trades completely every day and see lessons like this as time permits live? We do daily pre-European Forex Market Analysis and trade planning in complete detail, these free clips are just random excerpts to give you an idea of some of what we do in our live class. Come join us!, Hope to see you guys at http://SmartPip.com/

@FXChris
@SmartPip

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{ 3 comments… read them below or add one }

FXChris February 21, 2012 at 11:37 am

Turned out to be an amazing day in the end, very technical! I hope you SmartPippers got it handled. both in London with me and later in NY morning.

FXChris February 21, 2012 at 6:18 pm

As for the lesson… I am constantly amazed how many traders I talk to that do not plan profit take points. It frankly I just cannot really comprehend it but it’s a staggering percentage of traders.

richard crafton March 1, 2012 at 3:18 am

Hello Chris , I’ll like to see do a live webinar on fractals and fibs, red and green zones and how you draw in your support and resistance levels on the higher time frame. thanks chris for opening this live trading room, my trading is getting .better ..

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