One of the best things about GetGo is that it’s packed full of great features which help you to manage your trades easily and effectively.
If you ask any experienced trader, they’ll tell you that effective Trade Management is very important. But what exactly does that mean? Trade Management describes how you choose to manage a trade once it has been opened (i.e. triggered). Things to think about include how much you want to risk, whether or not you want to set a Profit Target (such as the one suggested by GetGo’s level) and whether you might decide to close a trade manually before its End Time.
There are two main approaches to Trade Management… 📊
The first of these is ‘passive’ (often called ‘set and forget’), where trades are set up in such a way that they don’t need to be changed (or monitored) once they open. With GetGo, this can be done either using a Profit Target or simply by leaving a trade to run through to its End Time (when GetGo will close it automatically).
The second approach is ‘active’, where trades are monitored and changes are made after they open, with the aim of closing them at the best possible time. GetGo users can do this by making changes like moving the Profit Target either closer to or further away from the current market price or by closing trades manually before the End Time.
Whilst, if you don’t have time to watch a trade after it opens, the passive approach can be useful, we would encourage all GetGo’ers to use Active Trade Management whenever possible. 👁
Over 90% of all signals go into profit at some point during their lifecycle, which means if you keep an eye on your open trades and are prepared to close them manually, you may stand a better chance grabbing some of that profit.
As the End Time of a signal draws near, the opportunity for bigger moves in market price (and therefore bigger moves in profit and loss) tends to decrease. So, another useful tip is to sometimes consider moving your Profit Target closer to the market price as the End Time gets closer.
Using these Active Trade Management strategies doesn’t mean you have to watch every trade constantly, right from the second it opens, but with some careful, well-timed monitoring they can often help you to get more from your GetGo experience. 🙂
The GetGo team