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Know your limits while trading in forex


Gee Dee

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This tip is a simple yet critical one that many traders miss, know your limits. This includes knowing how much you’re willing to risk on each trade, setting your leverage ratio in accordance with your needs, and never risking more than you can afford to lose. You don’t have time to sit and watch the markets every minute of every day. You can better manage your risk and protect potential profits through stop and limit orders, getting you out of the market at the price you set. Trailing stops are especially helpful; they trail your position at a specific distance as the market moves, helping to protect profits should the market reverse.

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Apart from knowing your limits. It is also important that you know the proper way to get into forex trading. Forex trading is a risky business to be in and it may wor or go against you If you are not strong and think accurately then you will lose alot of money. It is advisable that when you join forex trading you do so but with money that is not important to you. Some newbies join forex trading with their savings. Some have a lot of savings and end up losing it all. Never get a loan so that you can use it in forex because forex is like a gamble. There is never a one hundred percent assurance that the trades will work your way and you have to understand that. Knowing your limits also means knowing the amount of money you decide to put in to forex.

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This is a very difficult task for the newbies with a lot of ambition. You may call it emotion. There are some that read this threads but still keep on making the same mistakes despite knowing them.It is emotion that drives them . When most people join forex, they think that it is a very good place to earn a lot of money within a sort time. they are mislead nby adverst that  make things look simple. Everyday there are claims of people saying that they lost lots and lots of money onforex trading. I usually wonder if they read the threads for newbies or not. For this reason we have to repeat it to them so that they get what is going on. Higher risks mean higher profits if trades go their way which is what they want. Some of them are willing to gamble away their money for the sake of it.

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