Forex Day Trading

Perhaps you already know about the 2-4% risk per trade rule in Forex trading money management, and you're already applying that into your day to day trading. Fantastic! That said, as a smart Forex trader, you need to recognize that there will come a time when your profitable Forex trading system will no longer work. Every Forex Market Wizard knows that no matter how good their system is, there is still that probability of sudden failure, which is why they have one more step to control their risk. If you want to emulate the trading performance of the Forex Market Wizards, then you need to learn the secret of the "failsafe point".

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"Failsafe points" mark significant drawdown milestones in your trading account equity. For example, many Forex Market Wizards set their "failsafe point" as 20% of their trading account balance. That means that when they lose 20% of their trading account, they drastically reduce their risk per trade and even stop trading entirely until they have identified the issue in their system. While the 2-4% rule is good enough to keep you out of trouble most of the time, if you're really serious about protecting your capital to ensure long term profitability, then you can really take it to the next level with "failsafe points".

Every Forex Market Wizard will tell you that 90% of trading success is down to Forex trading money management and risk control. You can achieve that by limiting your risk per trade to 2-4%, and enforcing "failsafe points" in your trading. That way, you'll never blow up your account and keep your capital safe so that it can keep working for you to bring in the Forex trading income you desire.