AliaDare posted: If you want to be successful in trading, you must follow the plan. It is very important to maintain the discipline to profit consistently. If a trader does not follow risk rewards and money management, he will never be a successful trader. The risk-reward formula must be applied to cover the loss in trading. And you have to keep a long time target and trade with patience.
Agreed. and of course dont forget analyze the market before openng trades.
Successful trading requires good strategy with money management, risk management, trade management, trading plan etc. If a trader maintains this important matter, he will one day become a successful trader.
Trading successfully is only possible if you stick to your strategy and plan. Anyway, trading comes with risks and preparing for the worst will help. You should choose your broker with utmost care. Even if you don’t have a good strategy, a good broker can guide you well.
Experience plays an important role when you are trading. You are already prepared for some typical situations. That’s what a demo trading account works in case of beginners. It prepares them for some common situations.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.