This is one of the more common questions among Forex traders. It’s also one of the most challenging to answer because it depends on several variables.
And it makes sense that it’s a common dilemma. After all, who doesn’t want to be in a risk-free trade?
But believe it or not, moving a stop loss too soon can be more harmful than taking a full loss.
Don’t get me wrong. Limiting losses is the key to becoming consistently profitable. In fact, it’s your number one job as a trader.
But letting winning trades run is just as important. The two go hand in hand. And if you cut off the oxygen supply of your trades by moving to breakeven too soon, you’re doing yourself a great disservice.
Your winners have to pay for your losers. That’s the key to making it in this business.
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