Day Trading the Currency Market – Technical and Fundamental Strategies To Profit from Market Swings : [PDF Download]

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“Although risk management is one of the simpler topics to grasp, it seems to be the hardest to follow for most traders. Too often we have seen traders turn winning positions into losing positions and solid strategies result in losses instead of profits.

Regardless of how intelligent and knowledgeable traders may be about the markets, their own psychology will cause them to lose money. What could be the cause of this? Are the markets really so enigmatic that few can profit? Or is there simply a common mistake that many traders are prone to make? The answer is the latter.

And the good news is that the problem, while it can be an emotionally and psychologically challenging one, is ultimately fairly easy to grasp and solve. Most traders lose money simply because they have no understanding of or place no importance on risk management.

Risk management involves essentially knowing how much you are willing to risk and how much you are looking to gain. Without a sense of risk management, most traders simply hold on to losing positions for an extremely long amount of time, but take profits on winning positions far too prematurely.

The result is a seemingly paradoxical scenario that in reality is all too common: the trader ends up having more winning positions than losing ones, but ends up with a negative profit/loss (P/L). So, what can traders do to ensure they have solid risk management habits? There are a few key guidelines that all traders, regardless of their strategy or what they are trading, should keep in mind.”

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