Yes, this is also true. Trading strategies and capital management strategies both go hand in hand. Focus on just one type of strategy will not lead to good results.
Continuing the tips, I cam across this simple procedure to confirm if the trade will be fruitful or not. If a trader follows these simple rules, they will most probably have a brighter future in trading.
Valuable points, indeed. It looks like a perfect trading plan!
yes i agree it looks a perfect trading plan , but despite of having good plans trading can be useless if there is no regular practice .
Great post. Thanks for sharing.
I agree. Practicing is the key to precision in forex.
That is correct. Making a plan, no doubt is important, but unless a trader practices well, those plans won’t give full results.
There are 2 more factors following this trading plan:
- Practising Regularly
- Practising Regularly with the correct broker.
Yes, second factors is very significant to enhance your trading knowledge, confidence and money management skills.
According to me, a trader should never fall pray of higher leverages and trade with unregulated brokers, lower leverages are best when it comes to proper capital management and risk decisions.
What do you think traders? Regulated or Unregulated?
Yes, this is what I have been following since day 1. How has your trading been so far with this plan?
One trading tip from my side would be to focus more on getting knowledge and less on finding the ways to become profitable quickly.
One advice for beginners would be to know your limits which states that how much are you willing to risk on each and every trade or how you set your leverage ratio in accordance with your needs and of course never risk more than you can afford to lose.
Its very important to manage your capital. Market management and money management go hand in hand. When you are placing trades keeping in mind your risk capacity you control the lot size indirectly. Thus, it enhances your trading decisions.
All the rules are to be totally abided by. Great pointers for newbies.
Choosing an entry and exit point makes 50% of a successful trade. Here are the tips you need to consider while entering a trade.
All good points especially the ones which are sometimes overlooked such as 4, 6 and 8.
All these above mentioned tips are really important if you’re a beginner.
Now that we have discussed about the basic plan, lets move ahead with technicals. Here is an easy peasy way to get the best support and resistance
practice is more important, no way to avoid , generally we focus on acquiring good knowledge and experience , but it can be useless until having regular practice session.
Definitely practice is the key to everything specially trading but to practice in the correct direction you need follow the correct basics.
For me it’s all about planning and foreseeing every single scenario. While I like investing and understand the risks involved, I don’t like surprises. So risk management, analyses technical, sentiment and fundamental for me are key. I guess it covers what’s in your post that’s why I couldn’t agree more