Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Glory Glory Man United

|Includes:Market Vectors Chinese Renminbi/USD ETN (CNY), ERO, FXA, FXE, GBB, GEUR, GLD, GOLD, JYN, USD

I met a man yesterday, who has been a bookmaker for 26 years. He was an expert gambler.

He backed the draw in the United - Real Madrid game on Tuesday night.

With 35 minutes to go to full-time, he cashed in his bet when the score was 1-1. He got around 60% of the amount he would have received if match ended in a draw. However, if he waited for the end of the game he would have lost all his money, as Real Madrid won 2-1.

I asked him why he chose to cash in his bet at that exact time.

He said "rule No. 1, always protect your stake".

In forex trading there is no full time, unless your stake is wiped out.

So, taking a profit before you target is met is not a bad idea. It will boost your confidence and grow the amount you can risk the next time you see a good opportunity.

Brian Kiely

Forex For Anyone

Stocks: CNY, ERO, FXA, FXE, GBB, GEUR, GLD, GOLD, JYN, USD