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  • US Dollar Outlook: DXY Index Eyes Retail Sales Data, Yields -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/13/us-dollar-outlook-dxy-index-eyes-retail-sales-data-yields.html $USD #Forex #Trading https://t.co/10Hb8pYSp1
  • 🇳🇿 Business NZ PMI (APR) Actual: 58.4 Previous: 63.6 https://www.dailyfx.com/economic-calendar#2021-05-13
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/kUV7xoSWxZ
  • Heads Up:🇳🇿 Business NZ PMI (APR) due at 22:30 GMT (15min) Previous: 63.6 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Chile central bank holds rate at 0.5% - BBG
  • The S&P 500 has broken beneath an important trendline from March 2020 as losses mount. Get your S&P500 market update from @PeterHanksFX here:https://t.co/aAc3vrKr7M https://t.co/RwQajLrpJy
  • USD/CAD briefly traded up to 1.22 before retreating to its current level around 1.216 $USDCAD https://t.co/eNc4JmYfKI
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.36% 🇳🇿NZD: 0.36% 🇯🇵JPY: 0.22% 🇦🇺AUD: 0.03% 🇬🇧GBP: -0.03% 🇨🇦CAD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BnPd5x9Xua
  • RT @BrendanFaganFx: Dow Jones Analysis: Stocks Rebound From Recent Losses as Disney Earnings Disappoint $DIS $ABNB $DASH Link: https://t.…
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.62% Silver: 0.17% Oil - US Crude: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vBHmVNt8z6
You Can’t Lose Taking Profits…or Can You?

You Can’t Lose Taking Profits…or Can You?

Thomas Long, Course Instructor

A common statement in the trading world is, “Ringing the cash register is not a bad thing”.  This means getting out of a trade when it is showing a profit is a winning strategy.  If that is the case, then how come we see many new traders who are winning most of their trades, still losing money?  It is more common than you might think.  The problem of course is money management.  This is what makes professional traders consistently profitable.  They call it working a trade and it means having the patience and discipline not to take quick profits on a trade as soon as the market starts moving against their position.  We would all love to enter into a trade, have about 60 seconds of anxiety and then just pure joy as the market keeps moving in our direction into big profits without a worry.  Unfortunately, that is not real trading.  Real trading involves planning your trade before you enter and then trading you plan after you enter.  We need to think about using at least a 1:2 risk:reward ratio every time we are in a trade.  If we risk 50 pips, we need to look for at least 100 pips in profit.  That way if we win half of our trades, we are profitable.  Sound easy?  It is probably the most difficult key to successful trading and takes practice and confidence.  But this is true of every successful trading approach.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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