Yes, you heard it right. I am ready to lose in forex trading. To put it in perspective I have to have big heart to accept losses
in forex trading. I have accepted that I cannot be correct all the time with my trades. And if I have to select between risk and reward
, I will select risk first. That is how much I will lose if my trade goes in not the way I would have liked. So I am ready to lose a little and want to limit my risk
on every trade. I think it is first and foremost thing to know the risk on my trades beforehand.
I cannot move price of any pair even by 1 pips. I simply don’t have that moving power. So what do I do? I also want to make money. So I will do what others are doing and making money. The good news is that I can see what others are doing.
And I can see that on my charts in terms of technical analysis and price action. Others are also seeing the same chart and taking positions and collectively they move the price. So if I can do what others are doing, I will make money as others are making.
I will trade what I see on my chart. The recent example I will give of 12-14th 2017 July AUD/USD charts. I could see AUD/USD broke above 0.7630 convinc…