Lesson # 4 in Forex Trading

I placed a sell order last night. I doubled up on my trade and bought two lots. I changed my 50 pip stop lost to 25. If I had kept it at 50, I would have made $200.00 over night. Instead, I lost $53.00. Lesson #4 learned. Develop a system and stay with it.

What are my rules?

1. Place stops on all trades
2. Place stops 50 pips above or below.
3. Wait for a trading pattern to form before placing a trade.