DislikedCould you please explain to a newbie about the risk:reward myth?
As I understand it, it means that if you say have 4:1 reward:risk, it means that you only need to be right 25% of the time to break even. Please enlighten me.Ignored
About risk reward you should explore it on your own...
However, I am just saying don't believe everything which is printed. There is also a lot of stock tips directly converted to FX and that doesn't really work as this is a negative game...
You should however..
1. Know how the spread and the affect it has on your account
2. Always put on a Stop Loss
3. Only risk a certain amount every day/week
4. If there is no setup dont trade
5. Have a plan...
Everything else is up to you, I also believe untraditional ways pays more off than typical textbook trades...
So, walk your own path sort off...