FOREX Stop Loss Orders

It is wishful thinking when you are hoping the market will turn in your favor. When you move a stop loss further you increase your chances of taking in big losses. You should move your stops loss order only in the direction of your position and lock in your profits, because markets can change very rapidly and you would not be able to close in time to take a reasonable profit. Stop loss orders also allow you the freedom of not having to be tied to your computer all the time. Foreign currency trading requires diligence and patience, and to be successful, you must maximize your profits while at the same time avoiding the odds.

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