Forex Trading Library

Think again and count to ten before entering a trade

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Think again and count to ten before entering a trade

For the best chances of success, forex trading should be performed only after engaging in planning and strategic thought. Although some trading opportunities are admittedly fleeting, forex traders should try to take the time to determine whether a proposed trade fits their trade plan and has a decent probability of success without potentially involving taking too much risk. If your second thoughts about a trade are not as positive as your initial thoughts, it may be wise to sit on your hands, count to ten and avoid pulling the trigger on a forex trade until you have determined why that might be and whether you really should enter the proposed trade after all. The additional time spent in forex analysis may illuminate some unforeseen risks with the trade that may ultimately make it seem less appealing and which could save your forex account from suffering an unnecessary loss.

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