Have you ever placed a trade, gain some pips, then watch all your pips disappear losing even more pips? Sound like you?
How do you fix this problem? Fixed profit objective.
When you enter a trade, have an amount of pips you are willing to accept, then get out of the trade.
You are probably thinking, WHAT!!! and leave money on the table? What I have found, with my experience, is take the pips and then look away. The Forex market is so volatile and things could be going your way and looking great, but then the market spikes against you and stops you out. Then the market keeps going in the direction you planned.
To trade, you have to know the currency pair you are trading, how and when to get in and out based on your trading setups, and how much is the pair going to move (you need to know this so you can decide how many pips will be you fixed profit objective).
For me, I look at 10 minute candles, and based on past experience, have a good idea of when a trade will stall out, stop or reverse. I also know that 7 to 10 pips per trade on GBP/USD is doable.
If the market is hot and volatile, going my direction, I will consider staying in the trade to get up to 20 to 30 pips. These trades are not as common.
Watch as I explain how I applied this important part of my trading style in the video below.