How to protect my account from huge losses? - page 4
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One way to protect your downside in the markets is through the use of sell stops and sell stop limit orders. A sell stop order, often referred to as a stop-loss order, is an order to sell a stock once it reaches a certain price. If the stock reaches the stop price, the order is then executed and shares are sold at the market price for the stock. When the order is to sell, the stop is always placed below the stock's market price.
A stop-limit order is an order to sell a stock once a specific price is reached, as long as the price does not fall below the limit specified by the investor. If the stock reaches the stop price, the order is converted to a limit order. The benefit of the limit order is that you have more control over the price at which the sell will be executed.
Limit orders can not protect your account
Usual way of protection are stop losses, but there is no guarantee that they are going to b triggered at your desired price (in the case of gaps)
It is idly true that devoid of strong analyzing trading skill no one can protect his balance from huge loose. So, in my trading life, I always enthusiastic to gather most accurate trading knowledge so that I can reduce my loss. That’s why, I have selected MXTrade is my trading platform where huge exclusive educational facilities are available. And I have become very rapidly, a knowledgeable trader.
Do you have any idea on how to protect my account from possible losses? What should i do to save my account?
Use indicators well,avoid emotional decisions,avoid high leverage and keep changing brokers to avoid slippage. That's my way.
I got a full lesion about this topic in ‘Free Trading Course’. So, now easily I can protect my capital from unfortunately result. I suggest you should open your trade with small trading lots (according money management policy) and obviously you need to use stop loss trading tool for protecting your trading balance. Never, try to earn huge money without money management.
When we are still new in forex and want to start trading, we should use small amount and also small lots size when trading. Then when we use demo account to hone trading skills, we must try to more improve skills to get more maximal result. In , trader can try to use cent account to start trading, with $10 only
Avoid trading on news day or put two pending stop order on both direction and when you winning, always use partial profit for that. if something moving very volatile like interest rate news, i say take profit and exit position , in case of loss, if you're averaging if it's near breakeven, exit position. when you use pending stop always use market order .
I suggest you to learn trade first before you actually jump into trading. There are some really helpful charts available from which you can really get ideas. It takes bit time to learn basics but once you are done, you will surly going to trade good.
Actually, without being professional or proper trading skill, it is very difficult to avoid huge loss. So, I am very fanatical to being a professional from my first day of trading. and, I have selected MxTrade as my trading stage where I am getting accurate support for being a successful traders. They always supplies me most successful trading tips by Forex eBook.
I found demo account very usefull in this aspect, i started with demo and low balance just to keep it real and when moved to create an account i just continue low deposits. Also i am always using stop loss. what is your opinion fro EA regarding this subject?
Use stop loss. And take profit. And of course create your trading plan