Before entering a trade, specify the profit goal you are aiming at, and as soon as you reach your goal close the trade. Do not feel tempted to stay in longer that you decided. Likewise, when trades go wrong, do not convince yourself that staying longer will play in your favor. Get out as soon as possible to minimize your losses. One of the best currency trading strategies is to set stop losses to do this automatically for you. Whatever the forex system you follow, these vital rules can contribute enormously to the success of the forex trading strategies you develop.
Trading plan is very important and it should be the plan of every trading so that through proper plan and strategies we will be able to achieve our goals of earning good profit.