Wednesday March 14, 2018 - 15:04:27 GMT
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Don't Trade Naked
You may be disappointed that this is not an x rated article but it is one you must read. I firmly believe stops are the key to trading, especially where you place your stops. In this regard, I have broken ways to place stops down to three categories:
1) Naked trading = no stops, which is trading with undetermined risk and least desirable way of trading
2) Half naked trading = stops based on the amount you are willing to lose (e.g. # of pips), which can see you lose even when having the right idea (how often has that happened to you?). This is a less desirable way of trading.
3) SPF 50 trading = full protection (like maximum suntan protection) using a stop that has a meaning, which keeps you in a trade when right and tells you when the trade is not working out as planned. This is my preferred way of trading
In my opinion, the key to successful trading is to use stops as described in #3
Contact me if you would like to learn more about finding stops using SPF 50 trading (i.e. stops that have a meaning)..
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