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Saturday, September 14, 2013

Forex trading mistakes and traps(4- No trading plan and no routine or discipline)


Not having a Forex trading plan is perhaps the most prevalent trading mistake the Forex traders make. Many traders seem to think that they will create a trading plan “later on” or after they start making money or that they simply don’t need one or can just keep it “in their heads”. All of these rationalizations are simply keeping traders from achieving the success they so badly desire. If you don’t have a Forex trading plan that details all of your actions in the market as well as your overall trading approach and strategy, you will be far more likely to operate emotionally and from a gambling mindset. Beginner traders especially need a Forex trading plan to solidify their trading strategy and to create a guide that they use to trade the market from, and you can’t keep it in your head…you need to physically write out your trading plan and read it every day you trade

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