Trade Gone Bad...

[rasico]

I am still a newbie and haven't checked out everything on the site, but I do have a suggestion that I think would help me and others. Please excuse me if it has already been posted. I would like to see some guidelines on when to exit a trade that is not going well. A trade in which you have followed NickB's method to the letter, but it just has gone sour for you. I know that if you follow the method, you should be looking to win most of your trades, but I think it would be very beneficial and may save tons of money to know how to manage the smaller percentage of losing trades??? I kind of hate to be negative here, but I think it would help.

thanks

[rasico]

Just thinking about my post. Maybe the answer is simple, if you get stopped out, then that is then end of the trade? I was just wondering if there was something to watch in the price action, or for that matter any other sign, that would trigger me to end the trade before it reached my stop?

[NickB]

I guess I can go over this a bit but it basically is as you said. If it hits your stop you're out.

[Metalhawk]

Losses happen. They happen to Nick, to me, to everyone. Don't fret it, especially since you're just starting.

[robertmc]

1) The june 30 webinar was all about stops. I think it is available if you sign up now for the future webinars.
2) I listened to an audio seminar about the psychology needed for losing yesterday and mentioned it in this thread
http://www.forex4noobs.com/forums/an...html#post12042