AppId is over the quota
If you’ve been trying to make money in Forex for any amount of time you probably know it’s a lot more difficult than perhaps you first thought. Let me re-phrase that, Forex trading is made much more difficult than it actually IS because human beings have innate tendency to over-complicate and look past the simple in order to find “meaning” which generally leads to complications and confusion.
Let me elaborate a bit more on that somewhat cryptic opening paragraph. Have you ever realized that the more you dwell on something and try to “force” it, the harder it becomes to obtain? We see this all the time in human relationships; the more you try to control someone to “fit” to what you want, the further away you push them, generally speaking. Whereas, if you just let things “flow” naturally you would be much more likely to achieve your desire with a lot less stress and effort.
This is also true with Forex trading; traders tend to try and “control” the market by forcing trades when there isn’t anything there to trade or by over-leveraging their accounts, meddling with stops / targets after entering, or a whole host of other “unforced errors” if you will. Let’s look at 5 quick tips to get your trading on track and in the realm of relaxed and confident instead of stressed and worried…
1) Be realistic…stop hoping
The first thing you need to do if you want to become a master Forex trader, is become realistic about how much money you can make given the amount of money you have available to trade with and the fact that you must practice proper risk management if you want to succeed long-term. If you intend on managing your trading account money properly, and you have a relatively small account, you simply aren’t going to “get rich quick” or be able to quit your day job any time soon. The more you accept this, the easier trading will become because you won’t feel any “pressure” to make money fast.
2) Trade the daily charts
One of the most prevalent ways that struggling Forex traders try to force their will upon the market is by trading low time frames. I consider anything under the 1 hour time frame to be “too low” to be worth trading. Some people will disagree with me, and that’s fine, I can only say what has worked for me over the years, and that’s focusing on the daily charts. Trade setups are more accurate and more relevant the higher up in time frame you go. I found by focusing on the daily charts and trading less, my trading improved significantly, you just have to have more patience. Slow and steady wins the Forex race.
3) Understand less is more
This point goes along with trading higher time frames, but it’s worth discussing on its own because many traders over-trade and over-analyze market variables. There really is no need to read every economic report and figure out how it may or may not affect the market. All you really need is a simple yet effective Forex trading strategy along with proper trading psychology to make money in forex. There really is no need to over-trade, over-analyze, or generally over-complicate the market. You can trade effectively with simple Forex trading strategies that do not rely heavily on indicators or trading software.
4) Plan and track
Planning and tracking your trades with a Forex trading plan and a Forex trading journal is essential to maintain and sustain the proper forex trading psychology. Most traders simply do not have the proper trading mindset right out of the gate, so it’s necessary to pre-empt your trading approach by creating a trading plan in order to eliminate the possibility of emotional trading BEFORE you enter the market. Trading journals keep you on track and keep you accountable; they are essential for seeing how your discipline pays off over time and creating a track record for you to prove your ability as a trader if you want to get people to fund you.
5) Know what you’re looking for…without a doubt
The last tip to help you become a calm and confident “master” trader is to truly master a trading strategy so that you know without a doubt what you are looking for in the market every time you open up your charts. You should have your Forex trading strategy mastered to the point where you can open the daily charts and analyze the major Forex pairs for about 20 minutes a day and either place a trade or walk away with confidence. In essence, you should have your trading strategy mastered to the point of knowing very quickly whether or not your high-probability trading edge is present, if you have to sit and stare at the charts for hours each day, you either don’t know what you are looking for or have not yet mastered a truly effective forex trading strategy.
Walang komento:
Mag-post ng isang Komento