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When the rain sets in
Dear Subscriber,
I've just rushed though the door half soaked through...
Less than 30 minutes ago, I set off for my daily cycle around the country lanes.
I climbed the hill dry.
But down the other side, I felt small spots of rain.
A couple of minutes later the drops became bigger...
In no time at all I could barely see where I was going.
So, I quit my circuit.
I decided to cut my losses and head for home.
Thankfully, I'm now back in the dry but it's still lashing it down outside.
Getting caught out by the heavens made me think...
So often forex trading is just like this.
You set out with such great plans...
You spot a trade opportunity and place your trade...
You're confident it will be a good one.
But as soon as you hit the buy button, all of a sudden the market turns against you.
A few pips fall...
Then a few more...
And before you know it the flood has really set in.
But these are the times that really separate successful traders from amateurs.
You see, successful traders know when to cut their losses.
A shockingly simple way to pocket £2,210 a month from forex
Just take five minutes to set up your 'net trap' and go about your business...
When you come back an hour or so later, your tax-free profit's waiting for you.
It's the simplest way to raid the forex markets for regular £1,200, £560 or £2,210 tax-free profits...
Cut your losses quickly
Successful traders know when it's time to get out of a trade and head for home.
They close their trade before it really costs them.
They've learnt it's much better to spot the early signs and change track.
Less successful traders don't. They're stubborn and refuse to head back.
But the worst thing you can do in trading is be stubborn, to stick blindly to your original trade no matter what, expecting the market to turn back in your favor.
This is when small losses can quickly turn into huge losses.
It's much better to admit the market has changed and get out early.
If this happens I get out quick. And it's why I always use a stop loss on my trades.
I do this by following a trading system, so I know exactly how many pips to risk.
And exactly what to do when the market turns.
So I set my stop loss when I first place my trade to keep me on track.
And my losses get cut early, before the rain really sets in.
Then I just move on and look for a better trade opportunity.
So if this happens to you...
Make sure you spot the signs early...
And make sure you cut your losses, before you get soaked through... or even washed away completely!
Best wishes,
Richard Hill
Editor
Forex Round-Up
P.S. Do you know someone who'd like to receive Forex Round-Up themselves? Could you be the one to introduce them to the world of forex?
All they need to do is visit www.fxroundup.com and sign-up for free. Or you could forward them this email and tell them to click here
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07:08
AutoForexTradingPro
