Forex Trading Skills

Most traders are looking for the perfect ENTRY into a Forex trade. They are less concerned about risk management (stop loss placement), money management (lot sizing), finding good exits for profitable deals, and the psychology of trading and other aspects of trading.

They argue that if they can get a good ENTRY the rest will take care of itself. To be successful however requires all of the above skills.

Self Management (Trading Psychology) -> Money Management (Lot sizing, etc) -> Risk Management (Stops, etc) -> Transaction Management (Stops, Entries, Exits) -> Self Management (Trading Psychology)

Traders often confuse Trading strategies with ENTRY techniques. Trading strategies involve all the items mentioned above such as risk management, lot sizing, exit, ENTRIES, time of day factors, currency selection, psychology etc.

A future module will be focusing on specific TRADING strategies. An ENTRY strategy is only concerned about the way an ENTRY is made and the motivation for making the entry. This module focuses purely on ENTRY strategies.