Don’t open your next Forex trade until you do this
Let’s put aside the reasons why you should get into trading, but that should be clear, you shouldn’t open trades without knowing why unless you want to know how to get your money well so let’s put that aside, it’s clear that you know why. Your success in trading, to work in Forex trading, the first thing or the next thing that you should know or the most important thing that you should ask yourself is where will I exit well before you open a Forex trade.
Don’t open your next Forex trade until you do this
Know where you will get out, and how this will help you, The Seven Propensities for Profoundly Effective Individuals, one of the primary propensities is to begin given the end, so Stephen R. Flock discusses how when you kick the bucket, what do you maintain that individuals should say regarding you what do you need the inscription with the quote to be or What do you believe they should say about forex exchanging.
So if this principle of very successful people who start with the end in mind and then also take it a step further in action, they, they, the elite, are telling you to start with an exit strategy, to work in Forex trading, what does that mean? This means that if you are starting a business and you ever think you want to sell that business, you are starting an exit strategy process before you even start the business.
You should always plan to sell Forex trades
I mean that means after ten years, I plan to sell this business, and after ten years, you have to do what you have to do to make this business more valuable, that’s one thing that’s like two different ways to drive this point home, and the other thing is when you’re building a house, I’ve used this analogy before.
When you build a house, do you start building the house before you have the plan, I know you can love forex trading, you can but why do you plan your exit when you know where you will exit if the trade goes against you, knowing that this movement in this The trend will nullify the bias.
What is better, stop loss or take profit in Forex?
I say and I mean you can use a stop loss so you can use it to take profit, I’m not here to say don’t use it but I don’t, I may use either take profit sometimes and this can be like a blue moon and I haven’t seen any blue moons lately.
So I didn’t use take profit but the idea of stop loss the idea of take profit, where are you going to get out if the trade doesn’t go your way, to work in forex trading, and then even backing off from that point when you look at the action of the trade goes against your understanding that you have to ask yourself what is The worst thing that could happen.
What is the worst possible outcome in Forex?
You’re thinking about being more positive, all this bullshit like why are you asking me to think about the worst thing that could happen, to work in forex trading, that’s great but when you realize that you’re going to die at the end of your world, life seems a little easier, you know on Anyway everything else in between is much easier versus worrying about dying properly.
So starting with the worst possible outcome will predispose you to be more open to benefits such as a positive outcome if the trade goes your way, you are more detached from the outcome because you have already said to work in Forex trading, the worst possible outcome is this is what I am not necessarily saying this is what You focus on it but it’s what you’ve already convinced yourself you’re somewhat comfortable with.
Don’t let Forex ruin your life
Now I’m not saying go into a trade saying you’re going to lose and here’s the thing if you mentally set yourself in a target zone where you feel like if the market goes to that zone I’m going to close out, you’re still a winner, hey, did you hear me, I’m going to be very repetitive on this point Because think about it if I said that’s why I’m ruining your life.
If you said if the market goes here, let’s say you were entering here and you were expecting the market to go here, so you said to work in forex trading maybe I need a silver object, so let’s say you entered here where there’s a sharp es and you said the top of the pen It is where the stop loss is valid.
Avoid false bias in Forex
This is where you come in and say this part if the bias is wrong, but you sell it because this Sharpie is going its way now if the market gets here and you close. After all, you said this will negate your trading gain.
Awareness of these ideas that you know that having these ideas in Forex can contribute to your success, can contribute to you having a lot of friends, but you are the creator of those ideas, and I mean, on the contrary, you can say that you do not have a lot of friends.
Summary
Your plan is your idea so you are still a winner in your project keep in mind that your mind thinks this has a win, so with that being said, understand when you know before you open your next trade where you are going to exit and in the same example if you entered in the days and you let’s say you want to move it here Know that you have to know both, yes I am fine, check out the American philosophers because I am on board with their principle in Forex trading.
