Another Great Scalping Day!
Today, Chief Trader Armando Martinez provides a valuable lesson for all traders, especially during volatile markets such as the one we experienced today during the ECB Press Conference. Armando compares trading to playing sports, particularly playing football. In both, everyone admits that there is a certain appeal to playing offense and “scoring points,” but in order to be successful and “win,” a good defense is essential. Without protecting himself, a trader may occasionally score a lot of points, but more often than not, the opposing team (in this case, the market) will outscore his offense. Traders that don’t set stop-losses lose points more often, and though they may score the occasional “touchdown” when a market is running, more often that not, they are on the losing side of those trades. Learn how to consistently profit in the Forex market by identifying precise entries and exits with the FXPM™ Software and ForexSuccessfulTraders Online Training School.
Tagged with: learning moment
Filed under: Daily Learning Moment
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