Forex Tip: Be patient with your profit targets

I know it is very tempting to grab the profits in a winning position before the profit objective is reached. There is a fear the market will turn around and the trade will become a loser. Be disciplined. There is a reason your profit objective is where it is. You did your homework before entering the trade and the profit objective you decided on justifies the trade in terms of risk/reward. Frequently take profits before the profit objectives are reached will destroy your whole risk/reward ratio and will finally be the difference between success and failure.

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Permalink Reply by celine on June 29, 2010 at 3:41am

Thanks for the tips and discussion about patience in Forex trading. We certainly need to be disciplined and have a strategy and stick to it. There are various ways you can get the correct strategy for free. Makemoneycurrencytrading dot co dot uk is good as they run live portfolio so you can actually see if their strategies are making profit live. They send out a daily email each day with the trades.Best of luck with your trading.