...in my humble opinion the exit is the most important aspect of any system because ALL systems have a kernel of credibility but lack, usually, one or a couple of key tweaks to turn them into profitable money machines. This is were experience comes to play. With experience one can know which elements to keep and which to tweak. Having spent my 10k+ hours and more in demo and live trading. I have experienced more ‘black swan’ moments than I would ever wish.
So, in the spirit of good will and wishing to give something, I offer this advice to any aspiring trader. It is worth the effort, don’t give up.
...there was once a mechanic who went to visit a client having problems with his very expensive 4 color printing machine. The mechanic looked at the machine, walked around it a couple of times. He took out a listening rod and listened to the machine in a couple of places. Finally he went to his bag, took out a delicate little shiny hammer. He went to a specific point at the machine and with a determined and crafted poise he struck the point with a very precise and calculated hit. Instantly the whirling machine sounds changed and there was a more melodic tone in the air. The machine started spitting out copy after copy at very precise intervals of time. The machine was fixed. After a few discussions and suggestions from the machinists the invoice was handed to the owner. The owner looked wide-eyed at the amount to be paid. It was a bill for $1320.00. “You were here for less than 30 mins” said the owner “How do you rate that then?” The mechanic raised his head from the pad from which he had just written the invoice and looked at the owner. “Well” he said. “There’s 20 dollars an hour. And there’s 1300 dollars for my experience in knowing where to strike the hammer “ It’s the knowing where to strike the hammer that’s important in most endeavors. In trading this is the equivalent to the knowing where to exit in trading.
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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Past performance is not indicative of future results.