Forex Trading Plan

One of the big mistakes new Forex traders make is signing into a trading platform and then making a trade based on nothing but instinct, or maybe something that they heard in the news that day. Whilst this may lead to a few lucky trades, that is all they are - luck.

To properly manage your Forex risk, you need a trading plan that outlines at least the following:

When you will open a trade
When you will close it
Your minimum reward-to-risk ratio
The percentage of your account you are willing to risk per trade

Once you have devised your Forex trading plan, stick to it in all situations. A trading plan will help you keep your emotions under control whilst trading and will also prevent you from over trading. With a plan, your entry and exit strategies are clearly defined and you will know when to take your gains or cut your losses without becoming fearful or feeling greedy. This approach will bring discipline int your trading, which is essential for good risk management.

It stands to reason that the success or failure of any trading system will be determined by its performance in the long term. So be wary of apportioning too much importance to the success or failure of your current trade. Do not break, or even bend, the rules of your system to try and make your current trade work.
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Today Economic Calendar GMT
Low volatility expected for the market

❗️ Know the difference!

Investing, trading, and gambling are all different ways of trying to make money, but they are not the same thing.

📈 Investing involves buying and holding assets with the expectation of generating a return over a long period of time. This typically involves buying stocks, bonds, or real estate to hold onto them for several years or even decades. The goal of investing is to build wealth gradually over time, and it usually involves doing research, analyzing financial statements, and diversifying your portfolio to manage risk.

👨‍💻 Trading is the act of buying and selling assets to make a profit in the short term. This can involve buying and selling stocks, currencies, or other financial instruments multiple times a day or week to make a quick profit. Trading requires more active management than investing and often involves using technical analysis to identify trends and patterns in the market.

📌Investing and trading, are different approaches to making money but have different goals, time horizons, and risk profiles. That's why you should never turn trading into gambling, as it might cause unwanted losses.

💬 Which approach fits you best — long-term investing or short-term trading?

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