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  • Break of range support at 0.768 - 0.7640 has propelled $AUDUSD to its lowest levels since late 2020, with the RSI registering its first intraday oversold readings since October. Symmetrical Triangle measured move suggests price could be poised to challenge the 0.7500 mark https://t.co/xuuW7NFy48 https://t.co/KisfWhYKzM
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/OoHOJCWtdl
  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 96.0 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇮🇹 Consumer Confidence (JAN) Actual: 100.7 Expected: 100.5 Previous: 101.1 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 95.9 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇮🇹 Consumer Confidence (JAN) Actual: 100.7 Expected: 100.5 Previous: 102.4 https://www.dailyfx.com/economic-calendar#2021-01-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 70.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4ucsrZ5zvl
  • Heads Up:🇮🇹 Business Confidence (JAN) due at 09:00 GMT (15min) Expected: 95.6 Previous: 95.9 https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇮🇹 Consumer Confidence (JAN) due at 09:00 GMT (15min) Expected: 100.5 Previous: 102.4 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇸🇪 Unemployment Rate (DEC) Actual: 8.2% Previous: 7.7% https://www.dailyfx.com/economic-calendar#2021-01-28
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 winning most of their trades and 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 your 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 until the end of the trade.  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 what trading is all about.   
 

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