Let your profits run, but cut your losses short: Allowing a winning position to continue making profits while taking losses quickly can make up a solid Forex strategy in itself, and it is a key element of just about any good money management plan. Many successful traders apply this as a trading rule in their trading plans in one form or another, perhaps by having a minimum risk reward ratio where the anticipated reward on a trade is always greater than the risk taken.
"Patience is the key to success not speed. Time is a cunning speculator's best friend if he uses it right." - Jesse Livermore