#OPINIONLEADER# Bill Lipschutz is one of the top 10 successful forex traders in the world, he once said,
“I don't think you can consistently be a winning trader if you're banking on being right more than 50 percent of the time. You have to figure out how to make money being right only 20-30 percent of the time“.
If you look at his quote, it is clear that forex trading does not always have to end with a profit every time you make a trade, but the most important thing is to always make a profit at the end of the period. For example every month the accumulation of trading results is profit even though in that one month not all opened trades end in profits. To get results like that, the application of money management and risk reward is very important. To get a good risk reward like 1:3 for instance, trading on a large time frame ( Daily or above ) can be considered. Forex is always and always demands patience and high discipline also a good trading plan, without those things it will be difficult to get success in this business.
Perhaps this is the most striking difference between a professional trader and a novice trader. Novice traders only focus on finding strategies without losing while professional traders focus on the final results of their trades each period. What do you think about this? Let me know your opinion on a comment
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