RULE # 1) ~ Cut your losers, let your winner.
One important thing that every new trader should know before entering this highly profitable business is that life is not perfect, even in FOREX land, and you should always know a fact: You will have losing trades.
Every forex trader does. The key to being a constant, predictable merchant, is at the end of the day, has more wins than losses. And when you know (based on its rules of trade), without a doubt, yes, of course they are in a losing trade, not keep losing money (lowering your stop loss) just to prove * is right or * the rules are wrong (however you look at it).
Let's face it - you can not turn a sow's ear into a silk purse. You can not change a leopard's spots and can not turn chicken poop into chicken salad. The best trades are usually "right" immediately (the techniques, standards, methods and strategies you can learn in our list of resources is the best indicator of what is "right" trade really is).
Remember, people have been trading the markets of one hundred years. Smart marketers know it's going to be another trade. Cut your losses short and jobs are added to the winners.
RULE # 2) ~ Thou shall not trade the Forex without placing a Stop Loss order.
When you make a suspension order, right along with your order entry, through its online trading station, you just automatically prevented a potential loss of "running" too far.
Before starting any business, if you have not been discovered when it would be a mistake and want to cut your losses or at least re-evaluate its position from the sidelines, then you should not put on the market in the first place.
We show a Forex trader who does not use stop loss orders and show you someone who loses a lot of money.
One important thing that every new trader should know before entering this highly profitable business is that life is not perfect, even in FOREX land, and you should always know a fact: You will have losing trades.
Every forex trader does. The key to being a constant, predictable merchant, is at the end of the day, has more wins than losses. And when you know (based on its rules of trade), without a doubt, yes, of course they are in a losing trade, not keep losing money (lowering your stop loss) just to prove * is right or * the rules are wrong (however you look at it).
Let's face it - you can not turn a sow's ear into a silk purse. You can not change a leopard's spots and can not turn chicken poop into chicken salad. The best trades are usually "right" immediately (the techniques, standards, methods and strategies you can learn in our list of resources is the best indicator of what is "right" trade really is).
Remember, people have been trading the markets of one hundred years. Smart marketers know it's going to be another trade. Cut your losses short and jobs are added to the winners.
RULE # 2) ~ Thou shall not trade the Forex without placing a Stop Loss order.
When you make a suspension order, right along with your order entry, through its online trading station, you just automatically prevented a potential loss of "running" too far.
Before starting any business, if you have not been discovered when it would be a mistake and want to cut your losses or at least re-evaluate its position from the sidelines, then you should not put on the market in the first place.
We show a Forex trader who does not use stop loss orders and show you someone who loses a lot of money.
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