In fact the ability to accept a loss and close the order is what can save your account at the end of the day. If you are 20 years old lad who has plenty to learn and lose in his life, you may actually keep going. But if you have a family and you trade for a living, even if as a dealer at a bank, you may find yourself closing the losing orders faster and more often. It is really a psychology thing. A very good example by FxMasterGuru about the huge loss when keeping a losing position.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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