SAVE YOURSELF!!!!! ~ forex trading books beginners
Last week we got a huge surprise in the market when the bank of Japan intervened to devalue the yen against other major pairs. Most traders were caught on the wrong side of the trade. Many took huge losses and some of them let their account be blown up.Guys when bank volume starts to move price, You may not get a pullback to take a smaller hit. If You dont have volume on your platform, You can recognize bank action by price that moves one way almost continually without much retracement. Price will get to a resting plateau and rest before exploding again in the direction of the previous price action.
Many of us will sit at our screens, cursing, praying, begging, but the best thing to do is to save yourself, by cutting bad trades quickly. DONT DEPEND ON THE MERCY OF THE BANKS TO DO IT!!!!!! THEY ARE OUT TO EAT YOUR LUNCH ALWAYS ! THEY ARE YOUR ENEMY, AND THEY ARE RUTHLESS WITHOUT MERCY!!!!!
What happened last week was nothing more than a market shake out, it happens to traders about 3-4 times a year. The last big one in May 2010 saw a drop of up to 1000 pips in 24 hours.
What can You do to save yourself from this kind of adverse action.?????????????
#1. DONT LEAVE OPEN POSITIONS! Trade what You can see. When You are not in the market take your money out with You. That way You can save on all of those foul words to Your broker when he tries to explain the price slippage that caused price to go beyond Your stop loss.
#2. If You must leave trades opened, put in a physical stop losses..
#GRANDDADDY OF THEM ALL!!!!!!!!!
NEVER LET LOSSES RUN !!!!!!
NEVER LET LOSSES RUN !!!!!!
NEVER LET LOSSES RUN !!!!!!
CUT THE LEGS FROM UNDER THAT BEAST AS SOON AS POSSIBLE!!!!!!!!!!
Two things are essential if You are going to enjoy a very successful and lucrative trading career.
#1 Wait for a proper trade set-up
#2 Learn to save yourself. CUT BAD TRADES QUICKLY!!!!!! So what if it comes back in your favor, many times it will, but it only takes one good shakeout to leave your lifestyle in jeopardy.
Cut bad trades to leave the most capital possible for a more profitable trade set-up. THE MARKET IS VERY VERY GENEROUS, IT WILL ALWAYS GIVE YOU ANOTHER OPPORTUNITY TO MAKE SOME PAPER, BUT YOU HAVE TO CUT YOUR LOSSES QUICKLY SO THAT YOU HAVE THE MAXIMUM CAPITAL TO TAKE ADVANTAGE OF THE RIGHT OPPORTUNITY WHEN IT PRESENTS ITSELF!!!
The market is swim, float or sink. Dont let them sink You. SAVE YOURSELF!
YOU CAN DO THIS (^_^)
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