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Message: [QUOTE="LivinFX, post: 14767, member: 6661"] Good summary there Mike ... some made me laugh of memories (trades I better should not have done that way). As for rule number 3 ... I think that's the most important rule to follow and the most dangerous one to ignore, especially for beginners, and to wipe your account out very quickly. Yes, in a ranging market, averaging your position might get you out of your position faster and with more profits, but if are are not able to spot trend reversals or beginning of new strong trends/breakouts, without stop losses, you could see the boat drifting further and further away with you just paddling around having zero change of catching up anymore. A very painful cut of a large loss will be the end of this...if not, the margin call will do it for you. NEVER ADD TO LOSING POSITIONS - Up to you ... I've been there, done it, never again, now my number 1 rule. [/QUOTE]

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