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Forex question How to protect your account?
avatar Lexie
Question by: Lexie - 17 Mar 2014, 03:27:28
How to protect your account?
<a href="https://www.instaforex.com/?x=YOUR_PARTNER_LINK">InstaForex</a>
<a href="https://www.instaforex.com/?x=YOUR_PARTNER_LINK">InstaForex</a>
<a href="https://www.instaforex.com/?x=YOUR_PARTNER_LINK">InstaForex</a>
Answers (1)
avatar user 2274
Answer by: Britney - 17 Mar 2014, 03:45:00

Firstly, I just don't jump into a trade. I make sure my analysis is correct, with a certainty measure of at least 75%. This way, I filter out the bad trades thus protecting my account before trading. During trading, I enter the trade with a maximum of 5% of my equity (when I am very sure of the trade). I make sure to use a generous trailing stop alongside wy tp. I do not use a hard stop loss, but I use a mental stop loss. This way I protect my account, during the trade. After my positions are closed (mostly in profits from tp hits and my trailing stop), I make sure I close all pending orders that were not activated, and I close trading for the day. That is how I protect my account after trading.

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