Friday, August 19, 2022
Forex Broker News
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    Fibinex.io Review

    Homefx-Plus Review

    Duvaro Review

    Cupiro Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    Fibinex.io Review

    Homefx-Plus Review

    Duvaro Review

    Cupiro Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
Forex Broker News
No Result
View All Result
Home News Forex Broker News fxcc blog

Accepting what you can control when trading FX is critical to your progress

You can exercise control and self control when trading, two concepts which will have a tremendous impact on the progress you make as a forex trader. Using the various controls you have to trade will ultimately determine your success. It would be delusional to believe you can control market behaviour, similarly it would be fantasy to imagine that you can always predict market direction correctly. Once you accept these irrefutable facts you can begin to develop a long-term successful strategy.

Entries and exits

A forex trader can control when they
enter a trade and when they exit. They can also choose to stay out of their
chosen markets until the conditions are right, in order to justify entering the
market.

What markets to trade

A trader can choose what markets to
trade and how many securities to trade. Do you decide to trade FX exclusively,
or do you trade equity indices and commodities also? Do you only trade the
major FX pairs? The choices and the control you exercise at this juncture will
be critical to your outcomes. You must avoid over-trading and revenge trading.
Trying to manage too many trades in too many markets can prove to be
disastrous, as can trying to win back your losses by way of revenge trading.
The forex markets do not care if you win or lose, making the process personal
can be extremely damaging.

Risk

You can choose to limit your risk by
way of using stops. The control this offers up is one of the most valuable
tools you have at your disposal. Only risking a small percentage of your
account on each trade can ensure you don’t blow up during your novice,
fledgling, trading education.

ADVERTISEMENT

Position sizing

You can decide to use the various
position size calculators you’ll see online in order to establish what lot size
you can employ based on the percentage of your account you want to risk on each
individual trade. This free tool, which the majority of honest brokers promote,
provides an exceptional method of control. 

The indicators you prefer to use

You can control and choose which and
how many technical indicators you use. This personalisation of your method and
trading strategy offers up the ability to construct a plan and control how you
communicate with the market in a highly personalised manner, providing you with
a significant level of control.

You can control your emotions

Controlling you emotions and ensuring
you stick to your trading plan is one of the most essential factors to ensure
you’re giving yourself every chance of success. You must introduce elements of
automation to many aspects of your trading. The basic forms of automation such
as stops, limits and automated entries will deliver you elements of control.

You can control you loss per day and
apply a circuit-breaker

You should set yourself a daily loss
and if you reach the loss you should stop trading immediately. If you
theoretically lose 0.5% on a series of four trades, your self-imposed daily
loss limit is 2% and you reach it, then you know you’ll still be able to trade
the next day. Similarly, if you have perhaps three losing days in series then
the total loss of 6% will hurt, but it won’t irrevocably ruin your chances of
becoming a successful trader. You have two options if the 6% drawdown is
reached; you could simply continue with your current strategy after you decide
that the market is temporarily not in tune with your method. Alternatively you
could use the hypothetical 6% loss to radically alter your method and strategy.

You can control your trading by
stopping trading

You can’t lose if you don’t trade. The
ultimate control you have is to exercise self-discipline and decide not to
trade. You can decide not to take a trade because it doesn’t comply with your
plan. You can opt out of a trading session because a calendar event may cause
exceptional volatility. You can also take a vacation from the market after
incurring losses, go back to demo, perfect your method and strategy and come
back to the profession refreshed and reenergised.

Share198Tweet124ShareSend

Related Posts

fxcc blog

Defend yourself at all times when trading FX

June 19, 2022
fxcc blog

How fear in its various forms can impact on your trading

June 18, 2022
fxcc blog

How to employ a multi time-frame strategy when trading FX

June 18, 2022
fxcc blog

Some essentials to place in your trading-plan

June 12, 2022
fxcc blog

Focus turns to the latest Q2 GDP growth figures for the USA for clues as to the direction the FOMC monetary policy will take.

June 11, 2022
fxcc blog

If the forecast for USA GDP is met then the FOMC could react next week by slashing the key interest rate to 2.00%

June 11, 2022

Select one of the Best Forex Brokers for your Trading  |  Read the Reviews

Fibinex.io Review

Homefx-Plus Review

Duvaro Review

Cupiro Review

StockHome.io Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. forexbroker.news is an affiliated partner with various Forex brokers and may be compensated for referred Forex traders.

Risk Disclosure: Forexbroker.news assumes no liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and forex signals. Operations in the international foreign exchange market contain high levels of risk. Forex trading may not be suitable for all investors. speculating only the money you can afford to lose. Forexbroker.news remind you that the data contained in this website is not necessarily real-time and may not be accurate. All stock prices, indexes, futures are indicative and not appropriate for trading. Thus, Forexbroker.news assumes no responsibility for any trading losses you might incur as a result of using this data.You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Disclaimer: It is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBroker.News has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBroker.News, nor shall it bias our reviews, analysis, and opinions.

  • Privacy Policy
  • Contact US
  • Terms of use,

Copyright © 2020 forexbroker.news

No Result
View All Result
  • Home
  • Forex Broker Reviews
  • Broker Types
  • Forex & Fintech Jobs
  • News

© 2020 https://forexbroker.news - Forex Broker news & magazine