chart into a mess. The common misconception that more trades more money comes from our natural internal intuition of more work more results. Smart Forex traders always plan for the worse case outcome, and allocate risk appropriately. It is important to be able to absorb these losses long enough for your gains to outweigh them. Because of this more effort, more returns mentality a lot of traders actually flock to low time frames and use high frequency trading strategies, like day trading and scalping systems.
Because of the inherent fear of losing money that affects everyone involved in the forex market, fear could be considered the markets number one emotion. Any such plan should contain a risk-management component and be relatively easy to follow and implement in practice. Uneducated newbies just jump straight in and play the market one tick at a time. They often start without any demo trading and before they know it, they find themselves in the quagmire that luck testing leads. New traders that actually do have a money management plan unfortunately tend to lean towards negative geared money management. Risk in these cases is stacked higher because of the very tight stop losses used the trade literally has no room to breathe. The first is that they use small time frames which pick up the intra-day noise of the markets marking it very hard to get a clean read on the charts and do accurate technical analysis. Well they certainly are, but once youve got these things down youve got to have a good plan.
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