Excellent. ALWAYS USE A STOP LOSS It can be fixed, trailing, % of capital, based on potential take profit. Sometimes conditions change and the stop loss has to be adjusted. Currency pairs fluctuate.
You can not count systems, strategies, indicators, RR’s, tech and/or fund analysis. The only thing you have absolute control of is RISK
This is so important for all new traders to understand and trade by. On this forum you will find:
some traders parading their opinions as facts. an example is “This is the most powerful strategy” when they should say " I found this to be the most powerful strategy"; “This is the best book, course or trader on forex;” " make sure you understand the difference.
Some have no idea what they’re talking about when they answer your question with something totally irrelevant to your question. In some cases they are showing off or have a little bit of knowledge but trying to be helpful
Most traders questions and answers in the forums are meant to help, expand and improve our knowledge but some intentional or not are meant to discourage, and make you fail . I belong to a group of traders who are full time and have done a lot of trading over the years. I can tell you that the things we discuss are much difference than what’s discussed here.in the beginners forum and rightly so. You have to walk before you can run.
If you are not sure if what your reading is accurate. First decide if it’s fact or opinion. If you can’t decide; try this if 9 traders tell you a fire is coming from the left so turn right and one tells you it’s coming from the right so turn left; you may want to try right first. Make your decisions on Facts; Options and Least of the Evils. You can always close your stop early if conditions change without jeopardizing your trading account; however no stop loss and a change of conditions can bring your trading account to a margin call