To be honest, my 1st year of trading was so messy; because then I didn’t take care of trading records; but now I am. It helps me a lot to learn from my own trading mistakes!
When I was a new trader then I wasn’t confident enough but now I am! Because, it takes time to grab this habit! My trading experience is my strength of trading for sure!
You mean the entry point & surely it is! I always rely on proper support & resistant levels to identify the value of any entry point! In addition, this practice helps me a lot!
Well; since I am not using any technical tool based trading strategy so I don’t need this practice so directly but I need to spend more & more hours in front of my trading chart (to discover the entry points to keenly).
Having a fixed trading system is important instead of following random trading strategies! In my trading, PA is my major. Besides I need to use support/resistant tools on my trading chart!
That’s the scenario; basically new traders try to make money here without learning! As a result, till now more than 90% are suffering. Without proper trading knowledge; then is no money in Forex!
This is why I don’t open my trade initially after opening my trading chart; I need time to understand the behavior 1st; then I follow my own trading plan!
Agree; but I see only indicator based trading strategies are not much effective; traders need clear knowledge on trading chart as well as news trading!