For successful trading, one of the most important things is to have a right state of mind whenever you trade. It requires traits like patience and discipline to reap benefits from trading. One has to be constantly on his toes and observe all the changes that may have a bearing on his trading activities.
birthtamper posted: I like to exercise three times a day to keep attention focus and get a rest from the charts. It really helps my trading. Everything gets too boring and stressful if I am looking at charts all day
That’s a good way to trade. Also this will help you maintain a balance between trading and the other odd jobs.
I highly disagree with people who just say 'all you need is risk management'. If it's true that all you need is risk management, just take trades with 20pip SL 30pip TP and just randomly take these trades. You will lose money because you don't have an edge. Trading is all about having an edge and increasing the probabilities towards your own favor. Of course without risk management you can't do anything, but just with risk management alone you are still nothing. You need an edge.
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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