Article Summary:

How to living rich, happy, and comfort as become professional forex trader with emotion free trading methods and the best indicators and signals. Mitch Horn asked: I had an opportunity to chat with Bill Poulos today and posed that question to him. Did you know what he said?‘most experienced currency exchange traders wait too long to move stops to protect their positions and frequently watch their profits disappear.’And


Article Content:

I had an opportunity to chat with Bill Poulos today and posed that question to him. Did you know what he said?

‘most experienced currency exchange traders wait too long to move stops to protect their positions and frequently watch their profits disappear.’

And that wasn’t all – he went on to elucidate a simple concept, similar to Gambler’s Ruin that permeates the forex trading world.

essentially, once a trader sees profit in a trade begin evaporating they get solely targeted on getting back the lost profits. They forget to see the need to give protection to the profits that they still have in the trade. The result? A reversal continues, the once-profitable trade becomes a bad trade and the trader’s frustration mounts.

I’ve seen this myself and it’s the easiest trap to fall into, as you convince yourself the Euro dollar just hit that intra-day high and it can get back up there! Except – it does not and it continues to drag back till your 20 or thirty pip gain turns into a twenty or thirty pip loss.

that could be a pretty dreadful example – but have you had that happen to you?

What do you do?

Bill had an answer for that, too!

he said most traders don’t know what the available profit potential is for any single trading event – that is, they don’t set profit targets which allow them to take what the market gives them and then exit the trade in multiple steps. And, without a method that protects capital first and manages profits second, there isn’t any way the average currency exchange trader can survive in the foreign Forex markets.

to position yourself properly, traders MUST have a multi-part strategy – one that teaches them the easy way to identify the BEST available trades, clearly sets out a profit target, helps manage the taking of those profits and from the outset, teaches traders how to protect their precious capital!

He calls this handling risk first, taking profits second – and it’s actually revolutionary thinking.

Watch the 1st part of his new, free video series on this right here :

Mitch Horn has been writing articles online for a few years now. Not only does this author specialize in diet, fitness and weight loss, you can also check out his latest website on FX Online Trading which reviews and gives the best tips Forex Day Trading System.