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Home > Forex Trading Risk Management and Psychology ...what i need to check before taking a trade

Forex Trading Risk Management and Psychology ...what i need to check before taking a trade

Review your trading plan.

Ensure your trading strategy is well-defined.

Check for any economic news or events that may impact the market.

Determine your risk tolerance for the trade.

Calculate the risk-to-reward ratio.

Set a maximum loss limit for this trade.

Decide on the percentage of your capital to risk per trade.

Calculate the appropriate position size based on your stop-loss distance.

Ensure your position size aligns with your overall risk management strategy.

Analyze the currency pair you intend to trade.

Identify key support and resistance levels.

Confirm trade signals from your technical indicators.

Double-check your entry and exit points.

Ensure your stop-loss and take-profit orders are set correctly.

Review your account leverage and margin requirements.

Assess your emotional state before taking the trade.

Avoid trading if feeling stressed, anxious, or overly confident.

Remind yourself of your trading goals and strategies.

Review the outcome of the trade, regardless of the result.

Analyze what went well and what could be improved.

Document your findings and insights for future reference.

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