Three components of success in Forex.

You have probably heard more than once sad stories of playing forex, in which traders lost their money, and the reason for this was circumstances beyond their control.

Most of these stories are completely far from the truth, it’s just that people tend to shift their blame onto others, try to remember the last time someone you know said, “I did the wrong thing.”

It almost always sounds like - The boss, work colleague, wife (husband) and so on are to blame, and Forex is no exception; you can make money on it only with strict discipline and self-control.

There are three main components without which you simply cannot achieve success in stock trading:

• Always follow the rules - without this 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: you didn’t close the deal on time, although you promised yourself to lose no more than 5%, you didn’t set a stop loss, you opened a deal without analysis because it seemed like it, and so on.

• Analysis is the secret to the success of most financial geniuses, and it doesn’t matter whether it’s 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 may sound, it is just a list of tools for managing your losses and profits.

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

You should set your loss limits per trade in advance and fix them with a stop loss or other stop options.

An important role in the risk equation is played by the relationship between the trader’s deposit and the transaction volume; the greater the difference between these two indicators, the higher the risk of trading. Most professional traders name precisely these components that helped them make money on the stock exchange.