Thread: Define a goal for every trade

Before entering a trade, specify the profit goal you are aiming at, and as soon as you reach your goal close the trade. Do not feel tempted to stay in longer that you decided.

Likewise, when trades go wrong, do not convince yourself that staying longer will play in your favor. Get out as soon as possible to minimize your losses. One of the best currency trading strategies is to set stop losses to do this automatically for you.

Whatever the forex system you follow, these vital rules can contribute enormously to the success of the forex trading strategies you develop.

No, it’s not right to be doing that. If we want to be making consistent profits then don’t put the sticker of aims, it will just push us to unnecessary levels. I believe that one should never ever go into that territory, it’s way too dangerous for anyone. I keep it straight and simple because that’s how I feel I am going to succeed and to my slight advantage, I have got OctaFX broker with their breath-taking leverage up to 1.500, so that helps me work really aggressively.

Setting realistic profit targets is an important part of good money management, and setting the maximum amount you are willing to lose per day, week, and month is equally as important.