What are the key success factors in entering a forex trade?
Honestly and after a too-long journey (13 years ) in forex trading I have discovered some important success factors to succeed in this fluctuating market:
1- Never ever trade without clear, definite stop loss not exceeding 20-30 pip
2- Don’t risk more than 5 % of all capital you have
3- Don’t use leverage more than 1:500 in best-case scenarios.
4- Use an excel sheet to monitor your progression
5- Make a fixed daily target 20 -30 Pips only, once you achieved, then leave the market and enjoy your life.
6- When the price goes up in an extreme way, don’t sell, just wait for indicators to give an oversaturation on 4hr time frame only then go deeper in lower time frames here am using a 5 min chart then take the trade.
7- Both 4 hour and 5 min time frames are the best real figures you can rely on.
8- Don’t watch the screen once you got a trade, otherwise your emotion will destroy the deal.
9- Remember to fail to plan is a plan to fail
10- Dot compares your entry-level with others as they have their own thinking.
11- Reduce your risk at news time
12- use brokers with the highest cashback rebate I do recommend invstoc as they paid on a weekly basis. So you can benefit from any trade you make even it ends with profit or loss.
Best of luck
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