Without these skills you will NEVER be a successful trader.
The market is a jungle. While some win, others lose. For that reason, you have to have excellent knowledge, control your emotions, patience, and a lot of discipline.
This is an essential step, without patience, you will not even win a coffee. There are people who, by nature, are impatient and impulsive. If this is your case… you have to learn to control your emotions and not anticipate operations.
Many times you will likely despair looking at the charts and be tempted to trade without having the confirmation. For example, the candle may open above the resistance, or the price may have made a reversal. When you are in that situation, remember this article. 😃
The market has two options, up or down. If you don’t know anything about trading, you have a 50% chance of being right. Even the dumbest person in town can have good luck and get 70% of the trades right for a month in a row, but what happens in the long run? He’ll lose EVERYTHING.
Theoretically, we have a 50% chance of being right if we don’t follow any strategy (in practice, an inexperienced trader gets 30% of the trades right), with a profitable strategy we can raise this possibility to 70%-90%.
Although you can also be profitable by getting 50% right. Imagine that you have a Stop Loss of 20 pips and a Take Profit of 40 pips. If you make 10 trades, you miss 5 and hit 5: -100 pips, and hits are +200 pips. You would have a profit of 100 pips.
Tip: Don’t use less than 1:1 risk
Choose a currency pair and become an expert. Study how this pair behaves and read as much as you can about 🤓
📚 We recommend that you read websites such as: investing, fxstreet, daily, where they publish daily news about forex that can be very useful.
4. Fundamental Analysis
Don’t just trade on technical analysis! Learn to analyze fundamental news and avoid trading when important news is announced. At that time, the market can be unpredictable.
At the bottom of the Tradingview chart, the news time is displayed, so avoid trading at that time if your trading is intraday and you have small SLs.
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