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Hi Folks,

Firstly, I wanted to say what a fantastic time I had presenting at the ITC in Barcelona I met some really nice prospective traders as well as some genuinely nice guys who were also presenting at the ITC all very knowledgeable and successful in their field.

Of course I would also like to thank the team at FX Street for all the hard work behind the scenes and for hosting the ITC.

Although we all come at this trading game from different angles and call ourselves "trend traders" "reversal traders" "range traders" etc. The one thing that we all agreed on is that you need very solid money management tactics.

There are lots of different ways to do this as well but the overall aim is to reduce risk or remove the risk off the trade.

For me this is simply a case of scaling out, I've TESTED many different ideas and continue to do so. But for me my trade management revolves around removing the risk as soon as possible while at the same time giving the trade as much of a chance to run its course.

This is something I show on my website and in my daily live training sessions.

The chart below shows two trades on the GBPJPY 15 minute chart and is clearly labelled. 

Trade 1 is short from 175.05 with a stop loss at 175.80 and as you can see I scaled out 2/3rds of the trade at +40. The next action trigger level was not reached to lock some profits in so the last 1/3rds of the trade was stopped out.

Overall this was a slightly profitable position due tomy trade management tactics.

Trade 2 was more successful from a profit point of view. The same entry decisions for me were still valid and is short from 175.55 with a stop loss at 175.90. This time I scaled out 2/3rds of my position for +20. At that point the risk has been removed on the trade and a small profit has been booked.

Subsequently the trade hit my next action trigger level and I was this time able to secure a more substantial profit on the trade.

Lesson - you should seriously consider how you intend to manage your trades and your account equity. This will really make the difference to your bottom line.

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