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Daily Forex Signal 31 OCT 2008 released 00.54 GMT

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D20P BUY A GBP/USD 1.6466

take profit 1.6486

stoploss 1.6436

DAILY20PIP.COM ADVICE : CHOPPY MARKET AHEAD
SIGNAL VALID FROM 5.00 GMT - 17.00 GMT

ORDER NOT TOUCHED

Limited your Losses and Set your Profits

forex-winner.jpgLosses are a part of our business. The key to trading success is to take the opportunity and limit your losses. Too many traders give a trade way too much trade and they take big hits, which can shrink an account down. You have to put a system into place which will ensure that you set small losses to avoid emptying your account.

 

There’s a huge difference between losing big on a regular basis and losing small in a controlled trading plan. You already know that you should keep your losses small the key is to keep them smaller that your average wins. Even if your winning percentage is only 50%, you’ll still be profiting if you set yourself up correctly. For example, if you have a weekly strategy that gets you 1:2 win vs loss ratio or 1:1 win vs loss ratio, a tie of a win and a loss will still get you a part of profit for that week.