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The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell

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PART FIVE SUMMARY

To recap, following are the key takeaways for Part Five:
• Forex is not just technicals or fundamentals.
• Trading success comes from understanding human behavior—including your own.
• Our acceptance of risk in exchange for big rewards is our greatest weakness.
• Hedge fund managers and bankers trade differently from retail trader, and they control the market.
• Do not trade against them. Trade with them.
• Logic can fail. Just follow the leaders or get out of their way.
• This discipline to do this will take a 100 percent commitment from you. Forex is not easy.
• It will take a lot of work, energy, and time, as no one was born to trade.
• Trade journals help you relive your trades and gain additional experience.
• Journals help you to identify your strengths and weaknesses.
• Journals will make you trade less.
• Journals will make you trade consistently.
• Treat your trading like a business.
• Create a three-year trading business plan.
• Over time, reduce your risk and grow your account.
• Manage risk by budgeting your money.
• Let bad trades go. Do not avenge them.
• Never trade alone.

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