Not a Newbie. Need to Learn again

Not a Newbie. Need to Learn again… :face_with_monocle:
This time… Better…

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I think more and more practice can give you the confidence to take risks. It can help you to remove the fear of trading.

Start with money and risk management. Learn how not to lose all your capital, because if you do, you cannot trade. It’s critical to learn and understand this Holy Grail of Forex money management.

My live account capital is $1000. I will risk c.$10 per trade with a lot size of 0.04 at a 1:100 leverage. Once my capital grows to $1,200 (+20%) I will risk $12 per trade, with a lot size of 0.05 - and so on.

With daily trading over monthly periods, a general rule of thumb is every time you increase your capital by 20% , increase your lot size, but if losses decrease your capital by 20%, reduce your lot size accordingly.

Secondly, be ready to cut losses QUICKLY if your trade turns against you. Ideally, do not let it hit the S/L. You will save money to use on a new trade. There are always better trades awaiting. My rationale is I HATE losing, but I HATE losing big, more.

Hope this helps your second attempt to become a profitable trader. Best of luck…

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The practice is the key to a successful forex trading career. The more you learn and practice, the better you get at your skills.

After trading for around 4 years, I have realized the importance of strong mathematical and analytical skills for a trader. Apart from your mental stamina and discipline, if you can do some maths in the forex market, you can save yourself from potential losses.