The Dollar Smile Theory is a theory that explains the movement of the dollar under different economic conditions, including safe-haven demand, global economic stability, and U.S. economic growth in three stages.
Forex traders need to stick to their established trading plan to achieve long-term profitability and avoid arbitrarily changing strategies due to market fluctuations.
By answering these 21 key questions, develop a detailed Forex trading plan to enhance your trading success rate and stability.
Forex trading requires suitable software and hardware to enhance efficiency and performance. Understand the trading platform, hardware equipment, and auxiliary tools you need.
Establishing a daily routine before trading helps to better understand market conditions, formulate effective strategies, and improve trading success rates.
Understand the potential returns and risks of Forex trading, set reasonable profit targets, and maintain discipline as the cornerstone of success.
Choosing a trading style that suits your personality is the key to success, as it helps maintain discipline in the Forex market and achieve long-term stable profits.
Executing strict trading discipline helps Forex traders make rational decisions when facing market volatility, achieving stable returns.
For novice Forex traders, developing a comprehensive trading plan is the first step towards long-term survival and success. A well-designed plan helps manage risk, make informed decisions, and stay on the right track in a rapidly changing market.
Master the basic elements of a trading plan, learn to set goals, risk management, and choose a trading strategy that suits you, to increase the probability of stable returns.
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