#gameplan P3N Low-Risk Setup:Risk management is very crucial when you trade. Here is one of my mostly applied strategies for risk management. It's useful for people who trade in a very volatile market or fade.
This method aims to limit the loss to zero by taking profit when reaching 1R. It's with less profit than expectation, but lower the risk.
1. Open the position and set how much $ you're going to risk for this gameplan. Then set the partial TP at the 1R and xR levels. (xR is your target.)
2. When price reaches 1R, it TP 1/2 position to keep the small profit.
3. If the trend is against our expectation and have a down move to -1R, at which our stop loss is, we close the position with 1/2 of the original with the same amount of loss as the profit. So this will keep our trade safe.
However, if it goes up to 5R, which is out target, we can still keep 1/2 of our position to take the profit.
Tips: You can use Fibonacci tools to predict how many xR in your gameplan.
