What are the right steps you should take before executing the trade to make your trade successful?
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1. Define a Trading Strategy
Are you a day trader (scalping), or are you trading on a medium or long-term basis?
Choose a clear strategy that fits your time and risk tolerance.
2. Market Analysis
Technical Analysis: Study charts, support and resistance, technical indicators such as RSI, MACD, moving averages.
Fundamental Analysis: Follow currency news, related projects, partnerships, and the overall market condition.
3. Determine Entry and Exit Points
Determine the appropriate buying price based on technical analysis.
Set Stop Loss orders to determine the maximum loss you can tolerate.
Set Take Profit targets to reduce greed and close profits at the right time.
4. Capital and Risk Management
Do not invest more than 1-3% of your capital in a single trade (depending on your risk tolerance).
Do not put all your money into a single trade.
Use Stop Loss orders to protect against sudden market fluctuations.
5. Testing the Plan
If you are new, try the plan on a demo account before real trading.
Monitor trades and analyze their results to improve your performance.
6. Follow-up and Discipline
Do not change the trading plan based on emotions, fear, or greed.
Monitor the market regularly but do not excessively track prices so it doesn't affect your focus.
7. Update and Continuous Learning
Follow economic news and updates that affect the market.
Develop your skills through continuous learning from reliable sources and your personal experiences.