The stop loss & take profit are my best risk management tools when trading forex. They help me remove emotions from trading. Another unsung hero is the economic calendar tool which once saved me from a huge loss.
I was taking a trade, and something told me to check the economic calendar and when I did, i saw that the Bank of England was set to release interest rate decision in 30 minutes. I quickly closed my trade with profit before the news was released.
Once the news was released the market moved in the opposite direction to the trade i just closed and it would have caused me to lose money if i had not checked the calendar.
