In forex,entry is easy but exit is quite difficult
in forex, to enter a trade is very easy but to exit the trade is one of the most difficult decision to make because you have been overcloud by your emotions, you no longer want to allow the trade to work to your trading plan but to your expectation. Greed is the number one reason why we don't exit trade on time, we keep moving our stop loss and take profit inorder to lock in more profit.
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in forex, when we place a order so we just calculate the pipe and lots to invest but when have acheived our expected pipe so we think that: I have taken the risk so why i tak one more risk inspite why do not i increae my target of pipe, just becuase of this type of thinks i have got two time bankrupt. it is very easy to open a order but to close the order is it very difficut.
Originally posted by taniaislam09in forex, to enter a trade is very easy but to exit the trade is one of the most difficult decision to make because you have been overcloud by your emotions, you no longer want to allow the trade to work to your trading plan but to your expectation. Greed is the number one reason why we don't exit trade on time, we keep moving our stop loss and take profit inorder to lock in more profit.
http://www.forex-metal.com/affiliate/47698/1
Beginners open a trade based on high-profit expectation. If they start loosing, they hope for a comeback. If they start making profit then either they will immediately close trade which limits profit or, in rare cases, they will keep it in hope for "more and more and more".
But advance traders use pre-determined strategy for entery and exit.
Entry is not at all easy unless u r gambling. Most of the times it is confusing to predict trend so entry becomes difficult. I think both, entry and exit, r equally important and equally difficult.
When trading forex, both entry and exit are tricky. Usually newbies enter without doing much analysis. They exit when they see loss. If you r analyzing every trade carefully then both entry and exits will be calculated.
The good or ill of a man lies within his own will. – Epictetus
As soon as investing forex trading, both equally admittance in addition to quit are usually difficult. Generally newcomers key in without performing a lot research. That they quit after they notice damage. In case you 3rd r analyzing each and every buy and sell carefully next both equally admittance in addition to leaves is going to be calculated.
well I think that both entering and exiting a trade is a tuff decision, but after all you must stick to your plan (strategy) and never let your greed take over and run your trades for you, coz you might get lost on the way.
You can not let your greed take over your mind in forex trading,,,, only beginners might fall in that hole
I think that both are hard decisions; entering a trade and closing it, because you can never be sure of winning a trade once you've started it and you might hesitate in closing a deal if it keeps winning.... it is a dilemma
If you put in your mind that you'll keep looking for more and more profits and searching for the maximum hit that you can reach, it will be a hard decision for you indeed, and might get stuck thier waiting...!!!