It is the responsibility of every trader to develop a trading strategy. If a trader cannot develop a strategy, he will never be able to make a good profit from trading.
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Greed is the cause of destruction. It leads to over trading and unnecessary trading. Profit target should be logical and also should match with skills. If I have ability to get 50 pips, my expectations should not more than that.Greed destroys the trading career. Many traders lose their investment due to excessive greed. Trading with long time targets can save you from losses. I target 2000 pips a year. According to Money Management, we can take trading up to this target.
True. Gambling is not the proper place in forex market. Traders need a profitable strategy to success in the market.Forex market offers great opportunity but unfortunately most people can not materialize the opportunity due to lack of knowledge and skills. They treat it just like gambling. As a result they can't make consistent money.
Yes, By gambling one can get some winning trades here and there. Those few wins give them false hope. And they keep doing it until lose all the money.True. Gambling is not the proper place in forex market. Traders need a profitable strategy to success in the market.