Wednesday, June 22, 2011

High Probability Trading Setups for the Currency Market

There is nothing worse than watching your trade be up 30 points one minute, only to see it completely reverse a short while later and take out your stop 40 points lower. If you haven’t already experienced this feeling firsthand, consider yourself lucky - it’s a woe most traders face more often than you can imagine and is a perfect example of poor money management. The FX markets can move fast, with gains turning into losses in a matter of minutes therefore making it critical to properly manage your capital. There are two easy ways to never let a winner turn into a loser. The first method is to trail your stop. The second is a derivative of the first, which is to trade more than one lot. Trailing stops requires work but is probably one of the best ways to lock in profits. The key to trailing stops is to set a near-term profit target.
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High Probability Trading Setups or High Probability Trading Setups

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