Forex Time Machine - Frustration

I had a chance to chat with Bill Poulos the creator of the Forex Time Machine  today and asked him why so many forex traders were not making money?

He said that “most experienced forex traders wait too long to move stops to protect their positions and frequently watch their profits disappear.”

And that wasn’t all — he went on to explain a simple concept, similar to Gambler’s Ruin that permeates the forex trading world. Many traders are actually in profit at some point in the trade but due to greed and fear they turn a winning trade into a losing trade. It all boils down to what they focus on during a trade. When they see their trade begin to turn and profits disappear they focus on getting the profit that they have lost back! What they should be focusing on is protecting the profit that they have left. There is nothing more frustrating to a trader when a profitable trade turns into a losing trade.

It is easy to fall into this trap if you don’t have a plan to take profits when you make them. Without a plan you tell yourself that the Dollar just hit a high and it will go back up there! You hold on too long and it never does make it back up leaving you with a loss instead of a gain.

Has this happened to you?

What should you do?

Watch this Video —– >> http://www.forex-timemachine.com/video1

Bill Poulos creator of the Forex Time Machine has a strategy for this that makes so much sense.

He said most traders don’t set profit targets which allow them to take what the market gives them and they don’t exit the trade in multiple steps. Without a strategy to protect your capital first and then manage your profit as the trade moves there is no way you will survive in the forex markets for any length of time.

Every strategy you use must include all  of the following elements:

• How to identify only the BEST available trades
• Have a clear entry rules
• trade management strategy to take profits when they occur
• Risk management strategy to protect your capital in the beginning and protect profit as the trade moves

This approach focuses on managing risk first, taking profits second – and it’s really groundbreaking thinking.

Watch the first part of his new, FREE video series on how to implement this approach – click on the link below:

Watch this Video —– >> http://www.forex-timemachine.com/video1

Share this Article: Bill Poulos, Forex course, Forex Time Machine, Learn to trade forex