Помощь в получении кредита в городе

What is the most gut wrenching feeling you can have as a Forex trader?

Missing a profitable setup is certainly one of them. But losing money on a once profitable trade is, in my opinion, the worst of the worst.

You see your open profit climb with each passing https://saloncandnailspa.com/ hour and everything seems to be falling into place. It’s only a matter of time before the market hits your target and those 150 pips magically transform into cash.

But what happens when the market has other plans?

Instead of dishing out 150 pips worth of profit, you’re stuck with a 50 pip loss. What’s worse is the market had already moved 100 pips in your favor before reversing without warning.

It’s happened to all of us. And the feeling that follows sucks.

While I can’t say that feeling disappears with experience, I can say there are ways to prevent it from happening again in the future.

In today’s post, we’re going to take a look at five ways to stop losing on winning trades.

Some of these are proactive measures while others are more reactive, but they’re all designed to help you protect your capital and lock in more profit during a trade.

Let’s begin.

There’s no better use of your time than learning how to identify support and resistance levels correctly. So if you have limited time to study, put this one at the top of your priority list.

Here’s how I like to think of key levels in the market…

Do you remember the study guides your professors used to hand out before a test?

These guides gave you a general idea of the topics that would be on the test. With this in hand, you could hone in on the relevant topics while studying.

You became more efficient during your study time.

The same concept applies to key support and resistance in the Forex market. These levels, whether horizontal or diagonal, offer you a way to prioritize your efforts and only focus on the most significant areas.

Otherwise, you’re left wandering about in a sea of candlesticks not knowing where to begin.

That’s a lonely and frustrating place to be – I know.

Once you have these levels drawn, you can begin watching for buying and selling opportunities.

2. Be Mindful of Outside Forces

I’m a technical trader to the core. I don’t use fundamentals to make trading decisions in any way shape or form.

However, I’m always aware of what’s happening from one week to the next. I also consider the impact a particular event could have on the market.

An excellent example is the non-farm payroll report. We know the event affects the U.S. dollar and that it’s also one of the more impactful occurrences near the beginning of each month.

With this in mind, trading the U.S. dollar around this time can be a risky endeavor. The same notion applies to any currency and its respective news events.

I know what you’re probably thinking – the idea of trailing a stop loss is hardly groundbreaking advice. But there’s a reason why this topic is one of the more heavily debated in the world of Forex trading.

Move your order too soon, and you run the risk of getting stopped out prematurely.

Move it too late, and you could watch a once profitable trade turn sour.

There’s nothing worse than getting taken out for a 50 pip gain or worse, breakeven only to watch the market run for another 300 pips in your intended direction.

How many times has that happened to you?

Ask me the same question, and I’ll need more than two hands to count.

It’s arguably more painful than missing a quality setup entirely. You had the right idea, your entry was spot on and then bam, just like that you’re kicked out.

What’s worse is that you get to watch the market tick away without you.

4. Don’t Get Greedy

When you’re in a winning trade, you feel on top of the world.

The countless hours of chart analysis and late night study sessions have finally paid off.

What an awesome feeling!

It’s at this moment that you need to practice restraint. Because without it, you may do something that will cost you that hard-earned profit.

What “something” am I referring to?

Moving your profit target.

This seemingly innocent act can cost you a lot of money. And the worst part is that it’s inherently deceptive.

You may think you’re moving the target for technical reasons. At least that’s what you keep telling yourself.

But deep down inside, your subconscious mind is the one in control. And its motive is greed, pure and simple.

5. Always Have a Plan

This one covers the last two topics and then some. Before you enter any trade, you must first have a plan.

Otherwise, you’re like a ship without a rudder – you’ll easily get blown off course.

Now, a plan for a particular trade idea is different from your overall trading plan, so don’t get the two confused.

Think of it like this…

Your trading plan is how you intend to win the war.

Your trade plan is how you intend to win the battle.

Make sense?

While your overall trading plan is essential, I want to focus for a moment on the importance of having a trade (battle) plan.

When I started trading Forex in 2007, I was like most new traders. I would see something that looked pretty good and just pull the trigger.

I might have even set a target and stop loss value beforehand, but outside of that, everything was an afterthought.