LeviSievwright5 posted: Consistent profit is very important. If you are included in the loss/profit, you will never be able to make more profit from trading, so you must first create a consistent profit strategy.
And how do you actually make profit? That’s consistency of action and then through self-analysis. So, my point here is, maintain good record keeping or a trading journal.
Not all trading opportunities are the same. So how do you justify executing the same rules when the same setup comes up?
Keep the stop-loss placement the same. Like, if you see it above the previous highs for the shorts, use the objective approach to determine the price. Apart from this, the exit reasons should also be consistent.
Most important of all, the best time to decide on these factors is much before you start live trading. All these pointers should be addressed in the demo account. That’s why they are designed after all. Be consistent with your approach and see the result. I remember spending some 7-8 months practicing on the MT4 platform of the demo accounts with XM and turnkeyforex. That kind of set a good base for me.
Consistency is the key to increasing income. However, is not easy in forex trading. Trader need a good profitable trading strategy to do that. Moreover, market is changing every day. So, adjust trading plan according to that.
It is very important to maintain consistency in trading. If I make a profit of 10 pips and lose 20 pips, it is not possible to proceed from trading. So I have to work with patience by creating a positive trade setup.
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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