FOREX :
RULE # 1) ~ Cut your losses; let your profits run.
One important thing that every trader should know before entering this highly profitable business is that life is not perfect, and even in Forex, and you should always remember: YOU WILL losing trades.
The key to being a constant, predictable and profitable trader is to collect more profits than losses at the end of the day. And when you KNOW (basing their trading rules), without a doubt, that you are in a losing trade does not continue losing money (lowering the stop loss) just to * prove that you are right * or your rules are incorrect . All operators have to face it – you can not turn a donkey in a Ferrari. You can not change the zebra strips or turn chicken poop into chicken salad. The best trades are usually “right” immediately (the best indicator to operate will be the techniques, standards, methods and strategies that you can learn through my website).
Remember, people have been operating for more than a century. Smart traders know that it will be another trade. Shorten losses and let your profits run.
RULE # 2) ~ is not exposed to market without a stop loss in place.
Place your order STOP, along with the order of entry, through its online trading station. In this way, you control the amount of your loss and might also prevent a potential loss is too exceeded. Never modify your stop loss if your position becomes loser or if you do not have a good solid idea about which point you judge since the operation could be moving in the wrong direction.
Show Me Forex trader does not use stop loss orders and will show you someone who loses a lot of money.