Is it right when we open position without TP and SL ? Some trader like to do this ! They are open position and only make TP but never put SL. People like this is doing to trade like gambling only. The only hope to make profit but not like to have loss. So what we do to minimize our loss ?
First : start with small quantity and add on to the trade once if your margin growing up. When you take the time to set up a good trading plan you will find that you win more often then you lose.
Second : don't make a hedging strategy. For some reason especially affraid for loss, some trader puts two open possition but in the opposite site. I don't like this strategy if i don't understand about fundamental trend. Just open and hedge it if the first open is false, this is gambling i think. Forex trading isn't gambling.
Third : Set money management, set your TP and SL, and you can considering to use Trailing ( if you are using MT ). By this, you are more protected. When you lose you only lose a little but when you win you win a lot.
Fourt: take sime notes for learning process - your trading will grow. You dont have to lose everything on a losing trade, they can actually be some of your most profitable trades because they can lead to new insights that can lead you to greater successes.
Always made a good log and record when you build a system, when you find the good system then you must stick and discipline with it.That’s the only way you can make money in forex.
Third : Set money management, set your TP and SL, and you can considering to use Trailing ( if you are using MT ). By this, you are more protected. When you lose you only lose a little but when you win you win a lot.
Fourt: take sime notes for learning process - your trading will grow. You dont have to lose everything on a losing trade, they can actually be some of your most profitable trades because they can lead to new insights that can lead you to greater successes.
Always made a good log and record when you build a system, when you find the good system then you must stick and discipline with it.That’s the only way you can make money in forex.
