FX TECHNICAL ANALYSIS USING MOVING AVERAGES
TO DEFINE THE MARKET TREND AND ITS STRENGTH
I believe there are three key components of successful trading and investing on the financial markets. In this article, I will focus on one of these three important components, which is to trade and invest in alignment with the prevailing trend.
I cannot say which of these key components goes first. Actually I believe you cannot succeed without mastering each of these three factors.
Te first major component of
successful trading and investing is dealing with your emotions. Most people quickly lose confidence or start overtrading when they hit a losing streak. Tat’s a big topic and it requires a separate article only to introduce it correctly. Here I’d like to say that it is really important to learn how to deal with your emotions. You need to overcome your fears – mainly the fears of failure and fear of losing and fear of missing out as they will block you and will lead to self-sabotage. You also need to re-define your beliefs
18 FX TRADER MAGAZINE October - December 2013
about what is possible. And you need to constantly be in a top physical and emotional state.
Te second component of successful trading is money management. Most people do not know how to manage the size of their individual positions and the number of their positions. You need to clearly define what percentage of your capital you will invest and risk in each trade. And then you should be disciplined in following your own rules.
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