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Enter the market in a wrong manner and find your trade in the red the minute you enter the market. Learning new trading strategies and views on the market is all well and good. But if you don’t know how to properly enter your positions in an orderly manner than you might as well say goodbye to forex trading.

It is a common knowledge that the best way to enter a position is to enter gradually. Then as your targets are met gradually exit. Good theory. It is beautiful to know this but most traders don’t know how to do it practically.Know how to read forex charts. Learn candlestick patterns and fibonacci retracement.

The psychological and the emotional aspects of trading are often too great and many traders can’t sit still and see their P/L swing like a kite in the wind. It is real hard for many to add to a losing position and hard not to take profits once it moves into the black.

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Taking profit in a trade is very important for you. Not only for your balance sheet but also for your psyche! Profit taking breeds a positive mentality that all traders need. In case the trade turns against you and you took a loss, at least you have some pips to soften the blow.

Perfect entry/exit is a fruitless exercise engaged by traders that serves only to hinder them in their trading. Professional traders know that they can never enter at the exact top or bottom, so instead they focus more on figuring out the price range for their entry.

Let’s take a practical example. Suppose we are interested in trading the cable GBP/USD, one of the most liquid and highly traded pairs in the forex market. What is your market sentiment? Your market sentiment is bearish as you expect the cable to fall. So you plan to enter a short position.

Suppose you have a $10K account. Good money management rule stipulates that never risk more than 2% on a single trade. 2% on $10K means $200 or 20 pips. What are your options? Trade a 100K lot with 20 pips stop loss. Or trade multiple mini lots with varied stops.

You can immediately see the flexibility in trading smaller lots. This is exactly the reason why most new traders should trade mini accounts. Your total risk should be more important to you than making a perfect entry into the market.

Many forex platforms automatically calculate your average cost so figuring out the risk on multiple positions is fairly easy to accomplish. You decide to trade 5 mini lots.

If you trade all of these 5 mini lots together you will have to set a stop loss of 40 pips. You decide to risk the same amount $200 but at a lower risk profile. Read Part II.

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