M1: Method (Trading Method)
M2: Money Management (Risk Management)
M3: Mindset (Psychology)
These 3 pillars are the ones that support traders in reaching their goals. If one of the pillars is missing, Trading will not be perfect.
M1: Method (trading method) Everyone has their own method of trading. By the way, there are quite a variety of trading methods in Forex, including Trend following, Mean reversion, Scalping , indicators, and many more, which is not serious that we will use them. Because every method has different advantages. It depends on which method the trader uses, and being honest with any method That's all.
M2: Money management (Risk Management) From my experience in trading, I must say that this pillar is very important! Many novice traders ignore this pillar. Which do not forget that trading requires capital to trade. If we run out of funds Our trading career is over. The word money Management is money management. Money management allows us to survive and profit in Forex. As mentioned in the Method process, there is no way to make trading profitable. But it doesn't mean that trading is not profitable because the method of entering the trade is not accurate. And it's not always correct every time. What we can do is use money management to close loopholes. Of the mistakes, many people may think that Money Management is more important than anything else. But it's equally important.
M3: Mindset (Psychology) For us to maintain our normal trading standards consistently, it requires a good psychological mindset. Because the market is filled with many emotions, including greed, fear, worry, stress, etc. Whenever traders bring emotions into trading, It will lead to the downfall of every trader.