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5 Things Successful Forex Traders Won't Say
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[QUOTE="{0v0}, post: 197714, member: 39887"] Another thing I would hope that traders wouldn't say is: "It is never wrong to take a profit" or "No one went broke taking a profit". In my opinion this is not actually true although it might sound sensible and logical. The point is, a trader might take a string of successive small profits and then lose them all in one stop loss. It is important to monitor and manage one's account equity and that means giving your winning trades room and time to achieve their objectives. If you keep cutting profitable trades off prematurely then your account balance is not going to grow and, in the worst circumstances, can even disappear as the inevitable losing trades engulf these small winnings. The money management side of trading is really important and your strategy should include an anticipated gain/loss expectation as well as R;R settings per trade. However, this does not mean one should stubbornly sit and watch trades drift off towards one's stops when it is clear the trade is not performing as expected! In general one could say that a trade is exited at target, or at stoploss, or on a signal reversal, or when the price action indicates that the trade is not doing what was initially anticipated and has nullified the reasons why it was entered in the first place. Just some thoughts on the matter :) [/QUOTE]
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