Over time I have learnt that the best trades often occur as a consequence of the effort and attention to detail that I put into the planning stage, prior to pulling the trigger.
A great acronym for this, which can be applied to life in general, is the 5Ps or PPPPP:
Prior Preparation Prevents Poor Performance!
So before you make that impulsive trade and just jumping into the market stop and think about the 5Ps, it may just prevent you from blowing up or seriously damaging your account. If you need help in developing into a consistently profitable trader then we can help you.
Top Trading Tip: Before taking any trade, ask yourself have you planned it out, are you following your (back tested) strategy to the letter and do you understand the risk you are taking and the potential reward you may gain? Remember the 5Ps!
Safe trading!
Martin W
Forex-Crazy and FxTribe
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