To these three points I would add a fourth saying 'stick to your plan no matter what'. You need to trust your system and trade according to it even if some kind of impulse hits you. If you trade impulses, you lose control over your decisions. Even the best system is not worth much if you can't stick to it.
Simply analyzing the economic, political, and social events that may or may not affect the currency prices of a country keeps me sorted to place my next trade. But yeah, without being modest, I do adopt a risk management strategy in case there’s a spike before the important changes.
starmyth posted: Well weekly calendar suits me as of now. Filtering out the events depending on the expected market impact and then focusing on the currency pairs has helped me in demo trading.
I'd rather use oscillators to discover the short-term over bought or sold conditions. A blend of fundamental and technical analysis works out well for me and the brokers I trade with turnkey forex and IG allow me to mix them up for better trade results.
Money management is a very important part of trading. Profits can never be made without proper money management. I do not risk more than 2% in each trade. And I always try to trade by reducing the lot. Successful trading is not possible without money management.
I think it’s crucial to have a trading plan and stick to it. You might get lucky with one or two impulse trades, but it will likely lead to a blown account very quickly if that is the only method you’re using.