The biggest challenge you will face when trading will be deciding when to exit a trade. Whether the trade is a losing one or a winning one, when to minimise the loss or maximise the profit will cause you a conundrum. Smart Trader passes on many years of experience in a format which will give you a disciplined exit management process.
That’s why developing a system according to your trading personality is really necessary.We should define proper entry/exit levels of our systems and sticking with them will lead us to the emotionless trading which is a big advantage in trading currency market.
We need to set up a plan regarding entry/exit. This is really fundamental to us as we will not lose from this. We should develop an exit strategy - whether we are in profit or loss. If we see that we are in a losing trade for a long period of time, we should accept to exit the market and if we are in profit also we should know when to get out as we might lose what we have earned. Accepting these field will surely help us in Forex. Regarding entry strategy, we can check out Fundamental Analysis and enter when there will be great changes.