One important thing that each new trader must know before entering this highly profitable customers are that every day life is not perfect. In forex world always know one fact and that’s: You’ll have a Losing Trade.
Every forex trader does. The key to being a consistent, predictable, reliable trader should be to, by the end during the day, add up more wins than losses. And, when you’re in a losing trade, certainly then don’t keep losing money (by lowering your stop loss for instance) only to Prove that you are right.
Remember, people have been trading the markets for the hundred and sixty years. The smart traders know there’s destined to be another trade. Cut your loses short and compound those winning positions.
And so the Holly Grail rules in order to stay alive with this game are You shouldn’t Trade the Forex Without Placing of a Stop Loss Order and Never change it value by any reason.
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