In forex trading, support and resistance is very important. Its is so significant that it can equip us with the knowledge, understand where we are and where we might be in our trade plan. With a proper trade plan in place, we can know where is our entry, target and stop loss. Follow through the system, you will get results in the long run.

Have you ever took trades and regret later that you should not had taken it?
Have you ever see yourself saying I should not had triggered the trade as it not even written in my system rule book? More of an excitement as the market start to move quickly in a direction but after entry it just reverse on the position?
Following a trade plan with easy to follow rules does help minimise foolish trades. When you win, you know why you win. Vice versa, when you lose, you know how much you can lose.

With the example of the earlier trade, we planned it will hit our target at 152.74. If the trade was not stop out breakeven, we had our target hit with a strong reversal following it. On the other hand, without the stop loss in place, we will let a winning trade turn into a losing trade. That is really not worth it.