Keep things in perspective (6 of 26)
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Kirk |
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- Two Big Trading tools (1 of 26)
- You get paid to wait (2 of 26)
- Chasing the Market (3 of 26)
- Always Scale Back When You are Trading Poorly (4 of 26)
- Never Turn a Winner into a Loser (5 of 26)
- Keep things in perspective (6 of 26)
- Develop a trading plan and Stick with it (7 of 26)
- Develop Your Own Style (8 of 26)
- Be Able to Trade Another Day (9 of 26)
- Develop the Skills to Trade Bigger (10 of 26)
- Stop The Pain Close the Losing Trades (11 of 26)
- The First Loss (12 of 26)
- Don’t Turn Your Trades into Religious Trades (13 of 26)
- Don’t Worry About the News (14 of 26)
- Speculators Always Lose (15 of 26)
- Become Good at Losing (16 of 26)
- Use Time to Monitor the Loss of a Trade (17 of 26)
- Only take little losses (18 of 26)
- The Money Pile (19 of 26)
- How to Hit a Homerun (20 of 26)
- Confidence & Control (21 of 26)
- Know When to Hold ‘em Know When to Fold ‘em (22 of 26)
- Be a Trading Machine (23 of 26)
- Be a Trade Taker Not a Trade Watcher (24 of 26)
- The Market Thinks All Traders Are The Same (25 of 26)
- The Market Does Not Care If We Win Or Lose (26 of 26)
Keep a trade log or journal of your trades for the day or week. If you know that your biggest winner is 50 pips then do not allow a losing trade to be larger than 50 pips. If you do allow a loss to exceed your biggest gain then, effectively, what you have when you net out the biggest winner and biggest loss is a net loss on the two trades. In summary do not let your biggest loser exceed your biggest winner. This is a good money management tip. It is better to at least break even than to have to recover from a negative position.
December 16th, 2008
Tagged With forex strategy, forex tips, losses, Money Management, trade Journal, trade log, winners
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