Planning Trades is more important in forex trading than just placing any trades with multiple signal coming in everywhere from left, right and center, the major weakness of all traders is the forex chat starring at traders every minutes tempting traders to buy or sell every minuets and until a trader have overcome this weakness of placing all trades as signal comes in from technical analysis or fundamental analysis, the trader is still far away from becoming successful in forex trading.
I will be explaining more as the thread goes on why a discipline trader who plans is trades is all a trader needs to become a successful trader, every week I will be updating my trades, this week am trading just 8pairs for this week and nothing can change that even if my SL got hit, I will still trades my plan.
All I do is set my TP and SL once trades are entered and I don't interfere with the outcome of the trades results, no Emotions attached when trading because I must have calculated my total loss and know if I can afford it or not though most times my Rewards is always higher than risk except on few occasions when I have just few pairs to trades for the week.
Thanks
I will be explaining more as the thread goes on why a discipline trader who plans is trades is all a trader needs to become a successful trader, every week I will be updating my trades, this week am trading just 8pairs for this week and nothing can change that even if my SL got hit, I will still trades my plan.
All I do is set my TP and SL once trades are entered and I don't interfere with the outcome of the trades results, no Emotions attached when trading because I must have calculated my total loss and know if I can afford it or not though most times my Rewards is always higher than risk except on few occasions when I have just few pairs to trades for the week.
Thanks