Don't trade without a clear plan☁️☁️
Trading in the currency market is very risky if you don't have a well-thought-out plan. Many novice traders enter the market based on their emotions or on unconfirmed recommendations, which leads to huge losses.
How to build a strong trading plan?☁️☁️
Define your financial goal: Do you want to make additional income, or are you trading to build long-term wealth? Clarity of goal helps you choose the right strategies.
Choose your strategy carefully: There are many strategies such as day trading, long-term trading, and trading according to economic news. Choose what suits your personality and schedule.
Set rules for money management: Do not risk more than 2-5% of your capital in a single trade, and determine in advance the reward-to-risk ratio (such as 2:1 or 3:1).
Use stop loss and take profit orders: You should know when to exit the trade whether you are winning or losing, and do not leave trades open based on emotions.
Record and analyze your trades: Keeping a record of your trades helps you recognize your mistakes and improve your style over time.
Remember that trading without a plan is like gambling, while organized trading makes you more stable and able to achieve continuous success.