Open Trade Time

All good things to those who wait. Well, not really.

Before you take a trade you should have an idea of how long it should take before your profit goals are realized.  If you take a trade and it doesn't hit your profit goal on that time schedule you need to reevaluate the position. You need patience for a trade to achive its goals but keeping a trade open for too long takes resources away from other trades you could potenitally take. This is called opportunity cost.

If a trade is slowing going toward your goal but another Pair takes off you could loose that potential trade because your money is tied up is this turtle.

If your trade is negative when will it recover?  Sometimes it is better to cut your losses and move on to a trade that can bank you some pips.  If you are unsure you shouldn't have taken the trade in the first place.  Account management or lack there of is a major reason traders become profitless.

Before taking a trade have a Trading Plan  in place.  I will have written down when to get out of a loosing hand or close one that is not preforming.  Write this plan down and stick to it.  Don't let emotions sway your plan.

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