$50
3 pips
$50
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A significant percentage of forex traders fail to make money when they first start out trading. Some of these people just take their losses and quit trading, while the more persistent forex traders will often take the time to learn what they did wrong so that they can be more confident about moving back into the market.
One of the ways to develop this confidence is to create a trade plan that describes in detail the circumstances surrounding your trading activities and also details exactly how you intend to execute your trading strategy and manage your account. You will also want to discipline yourself to properly test your plan, and if the test succeeds, you will then need to execute this trade plan faithfully. In essence, this process is what seasoned traders are referring to when they say:
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