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Many people approach the world of trading fascinated by simple money, but trading is a whole other world; as you can already understand, it is 90% patience and 10% the correct analysis. Anyone who believes in easy money will lose. You can be the best, but if you do not have proper Risk Management, you will fail, like 90 +% of traders. First, you must understand how much money you can invest; remember that we are talking about investments, which involve risk, so you must only deposit what you can afford. Remember that trading is a business and should be treated as a long-term investment. Based on your account, I recommend using between 0.5% and 5% risk per trade. Remember always to use the same risk; this is where many traders get it wrong.
How do you know that the trade where you bet 1% will be the losing one and where you bet 10% will be the winning one? What if it’s the other way around? You would stay at -9%.Most traders need help understanding this concept, and this is what leads them to the ruin of their accounts. Just believe in your analysis; you are now able to analyze the market. Believe in yourself. Practice will make you invincible. When you see a “famous” trader saying he is betting on the collapse of gold or another currency, you will immediately want to bet, too. Don’t do it; what do you know that that trader is not a Swing Trader while you are a Scalper? Each of us is different; trust yourself.
The Risk Reward is very important; it is identified as R: R. It is about the risk you will take to make a profit.For example, I risk 20 Pips, which is the equivalent of 1% of my account, to earn 60 Pips. In this case, your R: R is 1:3. With a R:R of 1:3, if you enter 3 trades, you only need to be right on 1 to be in profit. Remember, everyone has his plan; as a Scalper, I prefer a 1: 1 or 1: 2. There’s nothing wrong with that. I’ve seen people use a R:R of 1:20 and be profitable; it’s up to you! Never have a R:R less than 1: 1! As for the “Pairs” to enter, I always advise you to focus on a maximum of 2-3 pairs, especially at the beginning. Focus on them and find out all their moves. My favourites are GBP/USD, JBP/JPY and XAU/USD.
Everyone has their favourites; it’s up to you to determine which is for you. It’s time to build your plan. I will start it, but you have to complete it!
TRADING PLAN EXAMPLE:
Now it’s your turn!
TAKE THE RISK OR LOSE THE CHANCE
“The secret to being successful from a trading perspective is to have an indefinite and tireless thirst for information and knowledge.”
Paul Tudor Jones
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