What is your first priority in trading?
to be able to trade again tomorrow just as i did today - i.e. by having avoided any disasters or serious accidents (unless itâs Thursday today, of course, in which case i wouldnât normally bother, the next day)
whatâs yours?
Patient mindset
Choose todayâs products and setting up today´s match(es) is my first priority i will say and for that i need a my coffee
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Donât loose all funds on account
Protect capital by managing risk.
the first step should not be emotional at all , beginners always try to make money from trading without zero learning but this is a insane mentality and no way to implement at all. they should learn first of all market basic principles and others issue , otherwise the result of trading can be useless.
trade without leverage at the first stage of trading
so many important things there are but according to my trading experience i think money management is too much important, otherwise no way to survive with successfully.
agree , but if you are a new in trading and zero knowledge and experience almost , that will be a difficult situation to make a money management.
Learn how not to lose money
I know this will upset a lot of my âfriendsâ on here but for me the first priority in trading is to WIN EVERY TRADE. I have slightly modified my mindset somewhat, however, because I have learned by experience that at times you have to give up 2 in order to get 6. One of these days though I really will have to get up off my lazy ass and organize for my strategy to be made into an EA.
Preserving capital is my top priority in trading. Managing risk and maintaining discipline are crucial to ensure long-term success and avoid significant losses.
My top priority is making sure that I trade with regulated trusted broker that wonât scam me once upon a time. Itâs because I trade with low leverage and hence to earn decent money I had to make substantial deposit.
that is okay and before choosing a broker it is more appropriate to check reviews from FPA.
Do not get nervous or sad when you lose.
Not investing money that you can not afford to lose , that is a part of risk management.
For me, itâs having a solid reason before I even think about jumping into a trade. You know what they say, âPlan your trade, and trade your plan!â I believe in thoroughly backtesting my strategies to ensure Iâve got a statistical edge. This where I learn to properly implement backtesting in TradingView.
And I believe having a well-defined trading plan with clear entry and exit criteria based on solid analysis is essential before engaging in any trade.
I give priority to my mindset because I donât want to trade Forex with upset mindset as it leads to losses.