Stop Loss

Are there tools available online that can prevent me from having losses on the Forex?
Risk is always present when trading in the Forex meaning that you can both earn and lose money anytime through trading. Not all trades will become successful, but you can reduce some of the risk by using stop loss orders.

Stop loss orders are conditions you attach when opening a trade so you can control the amount of losses you are willing to risk. If the currency pair you hold suddenly moves in the opposite direction that you were expecting it to go, a stop loss order can prevent your account from being wiped out from a single trade even if you are not there personally.

This works by specifying a value of the pair that when reached will result in the trade being closed. For example, a trader buys the currency pair EUR/USD 1.3679 expecting to sell it when it increases in value in the future. Instead of going up, however, it steadily goes down until it becomes EUR/USD 1.3670 when the trader comes back to check on it. If a stop loss was issued, the trader could have reduced his losses by selling the pair automatically at EUR/USD 1.3675. The trade is still a loss, but it has considerably less impact.

There are many kinds of other stop orders with some used to dictate when to take in profits. These orders change the conditions on which a position will be closed and many strategies can be formulated from these.