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When to Bail Out of the Trade and When to Stay In for Additional Profits
As I said in the Introduction, “The greatest
distance to overcome in each trade is found between the ears.”
Every trader has experienced a trade where maybe you see
a few pips of profit as you trade toward a legitimate profit
target, and suddenly the trade begins to move against you.
The logic in your brain tells you the target is a good one
and the entry was a perfect entry point, so why is this
trade going against you. more
PAY THE DUES OF TIME AND PRACTICE
As I said in the Introduction, “You must
persevere in the market, never giving up while learning and
paying the dues of time.”
Learning to trade the forex can sometimes be a very dangerous
business for neophytes—which includes those traders with a lot
of experience from other markets who are now entering the forex
for the very first time. After years of introducing people to
the forex, I have found the most successful traders began their
new experience by easing into the industry with extreme
caution. more
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HAVE A PLAN AND TRADE THE PLAN
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Although there is much confusion on the
Internet regarding just how much the foreign currency
exchange actually produces per day, one thing is certain:
The forex is a very large and volatile business for
entrepreneurial traders to become involved in. Every
entrepreneur I have ever met has always had a plan with
short-range as well as long-range goals.
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INSTRUCTIONS FOR A SIMPLE TRADE
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This trade is not a perfect trade, but if
traded on the major currencies and stops are used to avoid
unnecessary losses, it may be very helpful for you to
consider as one of your primary trade entries. It is called
a sore thumb (ST) trade entry.
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