Multiple factors play and determine if you will make money. The 3 most important things about trading which you need is *To be able to manage your emotions and have a good headspace *Perfect money management (VERY IMPORTANT) *Entries and everything that falls into that category. Risk Management, Exiting, NEWS AVOIDANCE, etc
So my overall opinion is that there isn't one thing that you treat more important, Many things determine how your system will perform if you dint have Money management but your system and psychology and trading entries and so forth are good but you don't have any money management you won't make no money long term.
You get the point I'm sure so make sure everything up to standard and you will be making consistent profits
I feel, the most important aspect in forex trading is devoting time to the market. Make sure you devote a few hours to the market each day. This is the only way you can learn about the market. If you are knowledgeable enough, then trading will be more beneficial for you in the long run.
philipsimmions posted: Trading strategies are important to work upon. Your whole trade depends on how you strategize it.
Can’t agree less to this. Strategies are the most important part of trading plans. Many beginners get confused when it comes to making strategies and some don’t even want to put their little time in building it. I took a lot of time making one and that is the reason why I am earning a decent amount. Fxview and Etoro also have the feature of automated trading so you’ll be easily able to work upon your strategies.
I scoured through many strategies, so much disappointment that it was not for me that I grew very frustrated, every pic was a loser. Today I trade 9% winners and am very happy I took years of practice and put in the blood and sweat to be who I am today. My strategy is taking an already successful winning strategy that was around 60% to 80% correct to a high 92-96% correct winning strategy. I fine-tuned it so well I remove my stop losses. (DO NOT FOLLOW THIS AS ADVICE) I have done the exact trade so many times that I know when it will break a certain threshold or not. I now have my first student who went from losing everything o now being able to pay her bills. She told me she has yet to lose one trade with me.
Money management, risk management, entry and exit strategies, as well as a market analysis strategy are integral components of the system. It will not exist without them. Everything should work perfectly and everything is interconnected. It is impossible to say which is more important. If you need to evaluate the performance of your strategy after the test, pay attention to the number of consecutive losing trades, identify the weak points of the system, look at the maximum drawdown and relative drawdown.
The consistency with no deep dd and risky trades. If you are able to make 1$ per day, each day during the month, yes, it's a little return, but stable. And with larger lot size you will make 1000 dollars per day, each day during the month.
Money management combined with a successful market strategy is very crucial for successful trading. As this helps the trader to take out the emotional and psychological aspects and make money over the long term. All the other things come next.
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