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Control is unfortunately quite frequently the most forgotten aspect not just of trading, but of management in general. In this context it means comparing the final results with the original plan, seeing if they match and figuring out what can be learned from the experience, so as to either replicate successes or diminish future losses.
It’s this lack of financial control that leads most businesses to fail – including Fortune 500 ones – so it’s no surprise that it can have similar deleterious effects on traders. So, how would a CFO use control in Forex?
Controlling the key to success
Once you’ve made your plan, organized how you’ll make it work and executed it, then comes the time to verify if everything worked out according to plan. Too often traders feel this is a boring exercise and just jump into the next trade. But this is where you figure out how much you actually made in trading, and how you can make even more. It helps to keep that in mind wh...
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