While there are several factors that make a trade successful, these components are essential with every trade you place:
- Plan every trade ahead of time. This includes entries, targets, stop losses.
- Avoid surprises by only trading during high-liquidity hours.
- Watch for news releases and avoid unpredictable trading environments.
- Assure your technical or fundamental analysis of the market is complete before placing orders.
- Follow your trade process in it’s entirety, no exceptions. Without this consistence you will never improve and learn from your past mistakes.