The five pillars of FOREX💸
There are some critical areas that you must learn about before you start trading the foreign exchange market. I have broken these down as the 5 key pillars:
1. Technical Analysis
2. Risk Strategy
3. Trading Journal
4. Strong Mindset
5. One Strategy .
The technical analysis is the foundation of your success, its your ability to truly understand the market and the behaviour of price action.📈
You will also need to combine that with a risk strategy, an approach to manage your capital exposure to the markets and ensure that you’re in this for the long game.⚖️
An approach to self-review and learn from your trading journal, as well as an approach to track your progression.📝
You also need a strong ass mindset, if your emotional when it comes to money, this may not be the environment you want to get into!🧠
Finally, stick to one strategy! So many people jump from one strategy to the next in the hope they’ll find an easier way to succeed, the truth is to realise a technical edge over a period of time you must stick to one strategy and become a master of it🔮
What would you add as a sixth pillar to ensure you’re successful when trading the markets?! Let me know in the comments!
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