This quote illustrates a point that every Forex trader should understand. Never enter a trade without a clear understanding of what outcome that you expect from the trade, how much you are willing to risk to achieve your results and what your anticipated upside outcome (or profit) is. Ask yourself, are the risks worth the rewards? Am I risking more than I stand to gain? What is it about this trade that compels me to enter the market? Does this trade fit within my trading system? How Not To Trade
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| How Not To Trade |
The answers to the above questions assume several things:
1. That you have a trading system that you religiously follow to enter and exit trades.
2. That you have analyzed the market and believe that this is the absolutely right trading opportunity.
3. That you have calculated your win/loss outcomes and established profit targets and loss limits.
4. That you are trading according to a specific plan.
If you have not done ALL of the above 4 tasks, you should not enter a trade. In fact, you should not enter any trades unless you can positively address these 4 items.
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The strategy that you use to trade the Forex market is your trading road map. The daily analysis that you employ to determine market direction is the compass that you use to read the map. The map and the compass can be used separately, but they are more effective when used together to reach a goal. The goal is profitable trading. If you don't have a trading strategy, find one before you continue trading. If you are not reading or performing daily Forex analysis, start to. How Not To Trade
Education is key to trading success. The Forex market is a complex beast that takes even professional traders a lifetime to master. And even the professional s know that they must keep learning in order to remain at the top of their game.
Think of trading Forex like when you learned to drive a car. You didn't get behind the wheel without learning the rules of the road and when pedals and gears made the car go and stop. You read the rules of the road, passed a test and then practiced driving for a while. The same goes for the Forex market.
Find out everything there is to know about the market. Read books, read magazines, go to seminars and ask questions. Soak up the knowledge that is out there. Be a sponge and learn everything that you can about this market. Education is knowledge and knowledge is power the power that you need to survive in the Forex market. How Not To Trade
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