Forex Trading - Successful Trading Principles Posted By: Ownen Moore

Having a set of rules to follow can help you become successful in forex trading. These rules should be simple enough to follow and very easy to remember. It should be formulated to guide you to become a discipline trader.

Cut your losses quick

Having a cut loss plan is good but not enough, the true success of a cut loss plan is on its execution. Sticking to the plan is vital in becoming successful in trading primarily executing your stop loss. Once you delay or do not follow your set stop loss you risk of losing more than your original plan. This is also the same when you take your profit too early because of fear or greed, you can easily give away 50 pips or more in taking your profit early in the ball game. Misused of this rule all together will leading to the inevitable cut loss or profit taking just before the market actually proves you wrong, then you pull again the trigger trying to catch up with the move then the trend moves against you one more time.finance investment business and finance forex

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