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An article on another fx site worth sharing here very relevant to this strategy.
Speculating in the financial markets is about putting money at risk with the expectation that for that risk, we will be compensated commensurately. If thats the case, doesnt it make sense that we would only take trades that offer the lowest risk, highest probability (no guarantees), and highest profit potential? To do that however, we need a strategy that produces profits on a consistent basis, the self-discipline the execute that strategy and the focus to achieve our goals. Ask yourself if you have any of these when you trade; because if you dont, youre most likely taking high risk, low probability and small profit trades, and who wants to do that?