best forex trading
This is vital, as your plan should clearly illustrate the time dimension that you're going to be using in your trading. If you are a day trader, your plan should be plotted over 24 hours. If your positions tend to be closed within a few days after they have been opened, then you would be better off illustrating your plan over a week. This is vital in order to understand how to develop a Forex trading plan. Once you have determined the frequency of your trading, you will have to either consider a day or a week as a dimension for your trading plan. In some rare cases, you will have to use a month, but this is quite unlikely. Let's assume you are a day trader, so we are going to consider a day as a unit of time for our plan. As we have determined this, it is now time to add the limitations to the trading plan. The rule of thumb is to take a number of your winning trades and multiply it by 1. 2. In other words, if on average a trader makes 20 trades per day, yet only six trades are winning ones, a trader should not trade more than seven trades per day.
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No matter how badly you trade, the only fatal” trading mistake you can make is blowing out your account and exhausting your equity completely.
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best forex trading