Deal with FEARS of losing your money or others. Deal with Greed. Deal with your EGO.
I have incredible fundamental knowledge because I spend 4 to 6 hours each day researching. I need to improve my abilities with the technicals but I get better each day.
Money Management is ALSO KEY !!!
- Don't Trade against the TREND
- Know what Trend you are trading.
- Be aware of News about to be released.
- Do not fight the market when it heads against your position.
- Know where to take your loss to get back in later.
- Be ready to change your opinion if facts warrant it.
- Have a Trade Plan. Know how to take Profits.
- Do Not Trade Just to Trade.
Make sure you stay calm. Trade in units of 100K to scale in your position since you can never or rarely get the top or Bottom of a move.
Make your own decisions. PUT ALL THESE into effect. Know how one Currency Pair affects the other one as in EUR/JPY and USD/JPY !
--bruce