DO NOTHING
Planning your trades has an immediate effect on your trading: Most of the stupid trades vanish. They fade out of your trading. You many miss a lot of trades in the beginning, as your trade planning skills are not yet fully developed. However, missing a trade is a lot better that taking losses.
Trade plans are like setting traps a few candles in front of price. Forex is all about setting traps.
Pip Trapper
Returning to the strategies in the Art of War, you learn that it’s not ideal to attack a fortification or to corner your enemy. Even if you are eventually victorious, the victory is likely to come at a high cost. Not all victories are honorable. In trading, you can make bad trades and still make money. In the long run, your luck may run out.
As a trade strategist, you should focus on setting a trap for price. To take full control of your trading:
• Make price come to you.
• Take the high ground.
• Build your fortifications.
• Wait for the enemy to approach you.
• Attack.
• Retreat as soon as you lose your advantage, regardless if it’s for victory or defeat.
If you meet your enemy on a level playing field, walk away and live to fight another day when you have the upper had. No one said war was fair.
Forex Profiteer
Repeat after me:
“I am not a forex trader.” “Only brokers make money from trading.” “I am a forex profiteer.” “I make money by profiting.”
Do not start the day by opening your charts and looking for a trade. Do your technical analysis ...
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