6. Small Losses and Focus on Your Trades

It is noteworthy that as soon as you have funded your forex account, your money is at risk. As a result, you must not use your money for normal living expenses. The key to managing your risk in forex trading is to learn to accept small losses.

You will be much more successful when you focus on your trades and accept small losses instead of counting your equity continuously.

7. Positive Feedback Loops

As a result of a well executed trade in accordance with your plan, a positive feedback loop is created. You form a positive feedback pattern when you plan a trade and execute it well.

Success they say breeds success, which will further breed confidence, particularly if the trade is profitable. You will be building a positive feedback loop, even if you take a small loss but do so according to a planned trade.

8. Carry Out Weekend Analysis

Study weekly charts to look for news or patterns that could affect your trade when the markets are closed on weekend. Maybe a pattern is making a double top and the news and the pundits are recommending a market reversal.

This is a type of reflexivity where the pattern could be prompting the pundits, who then reinforce the pattern. You will make your best plans in the cool light of objectivity. Just wait for your setups and be patient.

9. Maintain a Printed Record

A great learning tool is a printed record. Print out a chart and list all the reasons for the trade, such as the basics that influence your decisions. Mark the chart with both your entry and exit points. Make any significant comments on the chart, like emotional reasons for taking action.

Are you afraid? Were you full of anxiety? Were you too greedy? You can only develop the discipline and mental control to execute according to your system rather than your emotions or habits, only when you can objectify your trades.

Conclusion

The above steps will guide and direct you to a well thought-out approach to forex trading and help you develop into a more refined forex trader. Forex trading is an art, and disciplined and consistent practice is the only way to become increasingly proficient.

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