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Patience is important, I do agree. But more important is trading discipline. Without real trading discipline that’s not possible at all to lead a successful trading life with certainly in spite of having most powerful analyzing trade knowledge.
I consider both these points are essential for forex trading and the trade in forex is not going to be successful without them. I know it from my own experience.
Risk management should be given top priority. You may be tempted to use a higher lot sizes hoping that it would give you a high profit. But it can also blow your account very quickly.
Correct; there is no why by copying others system or trading style! Here, we traders need to develop our own trading style. All of pro traders are following their own trading rules; nothing else.The trading is true. Most of what you read about Forex is a myth. Most struggle because they learn and do what everyone else is doing.
That’s the tough reality. Actually, a number of traders think about only TP but not at all on the SL; that’s really unrealistic; since it’s a decentralized market so, there is no certainty.
The correct take profit Nad stop loss, the point is different for different types of strategies. Trading is not about guessing market direction but more about assessing risk and reward in real time.
I will go with both as patience and discipline are key to success. Patience plays an important role as you have to stay calm and wait for the particular moment. It is really hard to stay in the paused condition as you want to keep in the trades all the time. Thank you!