People assume that Forex is a speculative activity similar to gambling. However, as I always say that what distinguishes me and many other successful forex traders from gambling is about the consistency of the trading profits we earn.
There is no doubt the truth is that many Forex traders are gamblers. Those who unconsciously rely on luck and instinct. Conversely with successful forex traders, who believe in a set of generally accepted trading methods. And make someone at a high level of discipline and risk control.
Forex trading needs planning like managing a business in the real sector.
All businesses that are feasible are run with a systematic business plan. Of course that involves the calculation of costs and risks that can occur. And by projecting income and profits.
Business planning should also have a regular view of how a business develops based on profit and loss considerations.
Thus, this is how I run the Forex trading business.
- Every forex trade is entered based on a systematic plan. Obtained from a strict set of rules that have been extensively tested to ensure its effectiveness.
- Each trade is also carried out with a careful evaluation of the risks of falling prices. I ensure that all risks have been calculated and minimized. I must know beforehand that if trade leads to a loss. There are no unexpected losses.
- Every week, I work on a review of all the trades that I have done both profit and loss. So that I continue to develop myself as I regularly realize what I’m doing and who don’t. When I can ensure that my strategy gives more trade that is profitable than harmful. San that my victory in general is greater than the loss. I know that this business plan is sure to be a very good success!
When you think of trading as a business and running it like the others, you seem to act far from being a speculative gambler. But you are closer to systematic planning for your entry and exit, and in managing your risks. Therefore, you are much closer to success than most eager forex traders who have no clue about their failure.