Trading in forex or other financial assets necessitates a steadfast commitment to a carefully devised plan and effective risk management. This year, I learned first-hand that straying from a well-established strategy impulsively can lead to detrimental outcomes.
My approach to trading has always been systematic and methodical. Before entering any trade, I meticulously outline my investment thesis, analyze crucial price levels, and pre-define both the assumed risk and profit targets. This disciplined approach has generally served me well, fostering a sense of control and rational decision-making. However, a specific case this year underscored the critical consequences of straying from these guidelines.
