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Trading Forex for a Living
Are you sabotaging your forex trading?
Not making any progress in your forex trading?
Doubtful that what you are doing is correct?
Feeling unsure of what to do next?
Stop sabotaging your forex trading through fear, inaction, or ignorance!
I am James Allen, one of the writers at TFFL. I have been through it and I know. For 10 years, I have been trading in forex and coaching forex beginners for 10 years . While 10 years is not a very long time, there has been enough ups and downs, gains and losses, elation and disappointment for me to understand what it truly means to make money through forex trading.
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Why you should use a Stop Loss
Stop loss orders are highly recommended because they are easy to use and helps protect the trader from excessive risk taking and losses.
What is it?
Stop loss order is an order gets executed to buy or sell once the asset reaches the preset price. The key usage of this is to reduce the amount of loss on a position.
Suppose you bought 1 micro lot of GBP/USD at 1.5810. According to your risk management strategy, you may place a stop loss at 1.5800. If market moves against you and price drops to 1.5800, this order gets activated and the brokerage will sell your lot at the current market price. This may or may not be 1.5800, but it should be close, barring extremely volatile conditions.