Three components of success in Forex.

You've probably heard many sad stories about Forex trading, where traders lost their money due to circumstances beyond their control.

Most of these stories are completely untrue; people tend to shift blame. Try to remember the last time someone you knew said, "I did the wrong thing."

It's almost always the boss, coworker, wife (husband), and so on who's to blame. Forex is no exception; you can only make money in it with strict discipline and self-control.

There are three key components without which you simply won't achieve success in trading:

• Always follow the rules - without them there is simply no point in starting trading, read the stories of successful traders and analyze your own mistakes.

The most common of them are: did not close the deal on time, although you promised yourself to lose no more than 5%, did not set a stop loss, opened a deal without analysis because it seemed so, and so on.

• Analysis is the secret of the success of most financial geniuses, and it does not matter whether it is fundamental or technical, the main thing is that your forecasts work. Trading on intuition very rarely gives a positive result, much more often it leads to losses.

• Money Management - no matter how scary this term sounds, it is just a list of rules for managing your losses and profits.

The main ones are the size of profit and loss from one transaction, the ratio between the deposit and the volume of the transaction, setting stop orders.

You must set the limits of loss from one transaction in advance and fix them with a stop loss or other stop options. The ratio between a trader's deposit and trade volume plays a significant role in the risk equation. The greater the difference between these two indicators, the higher the trading risk.

Most professional traders cite these factors as the ones that helped them make money on the exchange.