Successful professional traders perform 3 simple actions that amateur traders often forget. They set up a trading strategy, they follow the markets and they keep a trading log in which they record, follow and analyze all the orders they have placed.
Define a strategy
- You probably already know, “if you don’t have a plan you will fail.” This is especially true for trading in the forex market.
- Winning traders determine a good strategy and follow it no matter what.
- Choose the currency pairs that suit you.
Some pairs are volatile and their prices vary enormously in the same day. Some, on the contrary, are stable and do not move much over long periods. Depending on your risk aversion, define which currency