The best way to trade forex is with a capable trade manager interface that can do everything you want it to do. Most traders are still using MT4 to trade forex. This is such an old platform and hasn’t really kept up over the years.
It has many advantages because most brokers still offer it to their clients for free. But it is quite limited as to what it can do, especially when it comes to basic trade management maneuvers. This is easily solved though by the use of a capable 3rd party trade management interface.
I personally use FX Synergy. This is an excellent trade manager interface and is the best way to trade forex. I use it to manage all of my forex swing trades. It is quite affordable, well worth its weight in pure gold, and does so many things for me, making trading easy. It saves me a lot of time too.
If you’re interested in FX Synergy, and you use my special link, you’ll get a permanent 20% Discount: Use This Link
In fact, it is SO easy, even my children can trade with it. My daughter Savy, did me a big favor the other day and recorded a short video showing how easy it is and how she uses it to trade signals from our Spotlight FX Alerts service. Check it out.
In this video you will see how easy it is to place trades into MT4. I often forget I am using MT4 in fact though, because I just stay inside of FX Synergy. You will also learn how we can quickly tell FX Synergy to exit parts of our trade at each designated target.
In the video’s example, Savy sets it up to exit 33% (1/3rd) of her position at Target 1. She also sets it up to have another 50% come off at Target 2. Why 50%? Think about it. If you want to exit 1/3rd at each of three targets, once 1/3rd comes off, you need half of the remaining 2/3rds to come off at Target 2. Once that happens, then you would want 100% of the remainder of your position, the final 1/3rd, to come off at Target 3.
It takes a little getting used to but after you’ve done it a couple times, you will see how easy it is to manage and scale out of your positions at various targets. You will also wonder how you ever got on without it.
Get FX Synergy with a permanent 20% discount right with this link
Don’t forget to subscribe to the Backpack Trader YouTube Channel here.