Understand what position sizing is and utilize it. Stop loss is not your only tool for reducing risk. By adjusting your position size you can utilize it to strike a sensible stop loss distance as well. Take a while to find out the differences between stop loss and position sizing.
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Practice trading Forex before opening a real account. The practice account will enable you to do every little thing, however it will not utilize genuine money. This gives you a means to learn the ropes, test methods and learn how much threat you are comfortable with while trading. Once you have made use of a practice account for some time, you can open a real Forex account.
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