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Questions To Ask Before You Are Sure Of Your Forex Position - Printable Version

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Questions To Ask Before You Are Sure Of Your Forex Position - admin - 10-16-2020

Confidence in yourself and your decisions in the financial markets will give you great advantages. As long as you are sure of the information you have acquired, the movements you have interpreted, the steps you have taken, the position you have taken, you can sign successful works together with your self-confidence. But if you are not sure of any of these actions, you need to question the position you have opened. So, where do you start questioning your transactions? Let's get acquainted with the magic questions that will measure whether you are sure of your position according to the answers you will give.


Have you identified the right investment tool for you?

One of the main steps of forex is undoubtedly the determination of an investment vehicle. When doing research on this subject, you should identify the investment tools that will lead you to success and make the most money in Forex. But more important than these definitions is which investment vehicle you are interested in. You can give priority to investment tools that you can make accurate inferences when analyzing the market and enjoy when tracking the market. Do not observe all investment instruments and be specific. Keep in mind that each investment vehicle has different characteristics. It is useful to research more than one investment tool and direct your interest accordingly. Because instead of focusing on a single investment vehicle, it would be a more accurate strategy to distribute your risks by investing in multiple vehicles.

Did you do a solid market follow-up?

After determining what to invest in in your Forex trading, it is necessary to determine your position strategy by tracking the market. Based on your market tracking, prepare fictions about the investment tools you have identified. Be sure to look at these fictions, which include the data described, price fluctuations, support-resistance point data, before opening a position.

Is Stop Loss on?

Never skip setting a stop loss when creating your position. Because this vehicle is a bulletproof vest that will prevent you from getting hurt. Because stop loss is an order that allows the position to close automatically when the price level set above the instant price is reached. If you're not using stop loss, you're taking risks. Because this order prevents damage for you in connection and power outages, as soon as your sudden work comes out. Stop loss, which allows you to measure your risks and take your steps more safely, will increase your confidence in your position.

Did you compare with your previous positions?

You've made a profit or a loss with the steps you've taken in the market. It will benefit you to be aware that you have gained experience from both situations and that you should use this experience in your next process. So take note of every decision you make, every process that results. These notes, which will form your Forex history, will be a guide to your future transactions. Remember, it's up to you to repeat the past. For this purpose, do not forget the actions you have already done and do not neglect to act in accordance with your experience.