How is your trading week?
Before we go to last week’s trade call, let’s go over why you should have a trading goal?
A key to successful Forex trading is to have a defined goal. Your goal must be SMART. The goal you have set determines the direction as to how you will trade in Forex. If you have set an aggressive goal, then your trading strategy is aggressive (You will have a bigger risk appetite). The same is true if it is otherwise.
Setting your goal or motivation is the first thing you need to do in creating your trading plan.
You have to remember, that the bigger the risk, the bigger the reward. But if the trade goes against you, you will lose a lot. Your chances of blowing your account will be greater. This is why as a Forex trader, you must follow the golden rule of Forex Trading – not to risk more than 2% of your capital per trade.
As mentioned in the earlier blog post, there are some trade calls with MIC in the front. These are trade calls for news releases and are available for premium members of Profitpips. MIC stands for Mario‘s Inner Circle.
Below is the calculated running balance of my capital had I enter all of the trade calls:
This week had been a good trading week! Had you enter all trades, you would have earned a total of USD80.17 from the previous week’s capital balance of USD948.78. It must be noted also that the data above does not include swap charges.
Here’s the Forex news releases for last week:
See you again next week!