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  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link: https://t.co/wWFnbAwIDO https://t.co/6G…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/09/17/US-Dollar-Price-Action-Setups-pre-FOMC-EURUSD-EUR-USD-GBP-USD-GBPUSD-USD-CAD-USDCAD.html https://t.co/J25MYsXCa9
  • The US Dollar is pushing up to a fresh September high after the release of University of Michigan Consumer Sentiment data. Get your $USD market update from @JStanleyFX here:https://t.co/2CDNZh2a89 https://t.co/bULXuCaHKk
  • I have this $SPX chart taking over one of my whole screens, and I just keep staring at that 50-day moving average... https://t.co/R9LQAuL2DL
  • RT @TheStalwart: Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability…
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.   
 

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

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