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Trading Is The Secret To Forex Success
Trading Is The Secret To Forex Success Let’s cut straight to the chase; if you do not have a consistent Forex trading plan, you will lose money and eventually fail as a Forex trader.
You will not make your millions on one single trade. In reality, you will only be successful with a long series of profitable and consistent trades. So, quit thinking you’re going to get lucky.
In this article, we’re going to look at why Forex traders need to be consistent and how they can achieve this. How learning to trade Forex consistently can make you more successful That’s a quote from Tony Robbins and it holds a lot of truth when it comes to Forex trading.
Winning a trade every so often will not shape you as a Forex trader, trading consistently will. Being a successful Forex trader takes dedication and consistently sticking to a trading plan that works for you. Don’t expect to follow someone else’s rules or strategy and hope it will work. Every trader is different. By developing a consistent trading plan, Forex traders can learn to avoid over trading and under trading. Over trading is a big problem among traders and often leads them to make big losses. Professional traders trade less, not more. Surviving the Forex market is more important than making more money. Under trading is also a problem because if you trade too little or not at all, you will not make anything either.
Consistent trading can also help you trade only when you are uncertain of market conditions. Avoid trading when the market is too volatile for your trading plan to be implemented. To be a consistent Forex trader, you need to learn to be strict with yourself. If you have a trading plan, you must ruthlessly follow it. Do not get excited when the market starts moving unexpectedly in your favour.
This can be risky as you are in uncharted territory. You should also keep your trading plan simple. The easier it is to repeat the better. The more elements to your plan, the more likely there will be errors which can become losses. Learning to be a consistent trader takes time As a beginner, you need to learn what will work for you. Once you have found what works for you, you can begin trading consistently.
This is true for both swing traders and day traders. If you do not have a trading strategy or defined trading style yet, you are putting your capital at risk. The first thing you need to ask yourself is: Are you someone who always needs to feel like they are making a profit, or someone willing to wait for a big pay off?
If you need to see the money coming in, you may want to try day trading. If you more patient, swing trading may be for you. Whatever trader you are, analysis of the markets always comes first. Trade only after you have some kind of understanding of what way the market is likely to move. Do not perform a trading plan based on how you feel.
You need the analysis to back up what you are about to do. Consistent trading also means trading at the right time. For some, this may mean trading at certain points in the day, when certain events are taking place or have already passed.
One key event many Forex traders look to take advantage of is the London-Tokyo market overlap and the New York-London overlap. This is when markets are opened in London, and Tokyo at the same time and then later in the day New York and London are open at the same time.
These are great moments to trade because the market is more active, which gives traders more moments to enter and exit a trade. You also have to find the analytical style that suits you; are you a fundamental trader or a technical trader?