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Managing trades…going flat.

One thing I’ve learned which really helps protect profits is “going flat”. This is managing trades so that you don’t lose money if they go against you.

Here’s the “rules”.

1. When a trade reaches 17 to 21 pips in profit, I set the stop loss to $0.00 so that if it turns against me it will just be a null trade not a loss.

2. If a trade goes against me, I set the LIMIT (take profit) to $0.00 hopefully it will spike and take it out.

3. I never take a trade where there is no space. For instance where it perhaps is moving bearish but is about to hit support or resistance, I need space for profitable pips. As there is a high risk of bouncing, selling into a target is a terrible idea.

These simple rules will help you have far more winning trades and far fewer losing trades.

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