Use Take-Profit Orders:
In addition to stop-loss orders, take-profit orders are crucial for effective risk management. A take-profit order allows you to automatically close a trade when the price reaches a predetermined level of profit. By setting take-profit orders, you can secure profits and avoid the temptation to hold onto a winning trade for too long, potentially risking a reversal.

Forex trading offers tremendous opportunities for profit, but it also carries inherent risks. Effective risk management is crucial for forex traders to protect their capital, preserve their trading accounts, and achieve long-term success in the market. In this article, we will explore essential risk management techniques that forex traders can employ to mitigate risk and enhance their trading performance.