Almost 90% beginners are loser from this trading place due to only lack of most accurate money management plan, basically they only emphasis on acquiring good trading knowledge and always ignore other inevitable parts . as a result they become loser. So besides good trading knowledge we the beginners have to ensure how to manage money in Forex.
True to an extent, but in reality, you can't expect to jump onto charts and take a gamble on a pattern - hour always wins. You should only ever trade when you KNOW what you are trading . Example... Today I shorted the GBPUSD for an easy 30 pips. And I chose that pair before loading up charts.
Today I shorted GBPUSD
GBP - Brexit Fear / Poor Data
USD - Good data
Yesterday I shorted the EURCAD.
EUR - Was bearish because of German and Italian pressure.
CAD - Was strong due to employment data and crude oil prices.
So it was an easy logical choice - EURCAD Short.
Honestly psychology, leverage, consistency, they all play a part, but the biggest part is played when it comes to investing and not throwing your money into RED/BLACK rules, because lets face it - what happened on a chart last week will not have a bearing on what the economy does and it is economy that drives the markets!
And that is the difference between pro thinking and retail trader thinking.
Hope it helps someone .
HOLY GRAIL: Fundamental Analysis to chose your pairs/direction, Technical Entry/SL/TP for consistent Management of those decisions