4 Ways To Have A Forex Trading Breakthrough And Become Successful
Becoming a successful Forex trader is challenging. It is not impossible, by any means. But it is challenging. Those that do go from struggling Forex trader to successful Forex trader usually have a breakthrough at some point.
My personal experience is probably a lot like many of yours. I was not an immediate Forex success. I struggled. But thankfully, I stuck with it and found a way to trade the Forex market profitably.
I want to share with you some thoughts that might help you have that breakthrough moment you’ve been seeking.
You Define Success
When you say you want to become a “successful” trader, what does that mean? Success means different things to different people. You need to DEFINE what success means to you.
This means doing what most people do not do. Treat Forex like a business. Determine the goals of your business and develop a plan to achieve your goals.
The first problem is most people do not have contact with real traders, so they don’t have a clear idea of what success looks like in the real world. Most people overestimate what they need to do to be successful compared to their peers. Having unrealistic goals is the main reason people end up failing… because they set goals for themselves that cannot be met in the live market with real money at risk.
An unorthodox way to find out what is possible is to join the signals service of an already “successful” Forex trader (like Forex Investing Live). This will help you develop realistic goals and define success in a way that can be achieved.
Trade Off The Higher Time Frames
Day trading is hard. It is time consuming. Random market movement makes it very frustrating. And if you are not rock solid in your trading strategy and have the metal willpower to stick to your rules… your emotions WILL get in the way.
For me, the answer was to slow things down by trading off the Daily time frame. I now trade in less than 10 minutes a day. Not only does this keep me from sitting in front of the charts all day, but it makes the profits I make meaningful.
Imagine sitting in front of the charts trading for 8 hours a day. With that kind of effort, your expectations are going to be very high. With high expectations, it is easy to get frustrated and feel your efforts are not being rewarded.
To feel successful, your earnings must exceed your efforts!
Trading off the higher time frames results in better setups, less stress and a more methodical way of trading that makes it easier to stick to your trading plan.
Trade One Strategy For A Long Time
You are only going to master a trading strategy if you trade it over the long term. Too often, unsuccessful traders give up too easy. They go from one strategy to the next. They never gain any momentum and remain novice, unsuccessful traders forever.
In my experience, there are going to be times of growth, consolidation and drawdown in your accounts. To be successful, you need your growth periods to be more profitable than your drawdown and consolidation periods. Usually, when your trading strategy and the market are in tune, you’ll experience explosive growth that makes the strategy worth trading over the long term.
But you need to be trading the strategy at the time this explosive growth comes. And that means trading one strategy over the long term. For more on this read this blog post:
Stick With Technical Trading
A lot of people think you need to know technical trading AND fundamental trading to be successful. It is very hard to master even one of these trading styles… and even more difficult to master both.
I am a technical trader. I trade what I see on the charts. I do not watch the news or try to predict what the market will do.
Adding a dimension of fundamental trading to technical trading makes it so much harder to learn a trading strategy. What do you do when you have the perfect setup… but the fundamentals are against you?
- Sometimes this will keep you out of a bad trade.
- Sometimes this will keep you out of a good trade.
And that is the problem. Ever time you miss a good trade because of what you “thought” the fundamentals meant… you are going to make trading very frustrating and start second guessing yourself all the time. To avoid this I stick to what I see on the charts… knowing that sometimes there are going to be losing trades.
Case in point was the recent Brexit news. A lot of traders (in a lot of different markets) got this all wrong and lost a lot of money. To see how I did, read this blog post:
In conclusion, you might just be one breakthrough away from Forex trading “success”. If you’ve been at it for a long time and still have not found success, you ARE going to have to change something. Hope my experiences can help you find your way.http://tradetheforexmarket.com/forex/4-ways-to-have-a-forex-trading-breakthrough-and-become-successful/http://tradetheforexmarket.com/wp-content/uploads/2016/09/4-Ways-To-Have-A-Forex-Trading-Breakthrough-And-Become-Successful.pnghttp://tradetheforexmarket.com/wp-content/uploads/2016/09/4-Ways-To-Have-A-Forex-Trading-Breakthrough-And-Become-Successful-150x150.pngBlogFeaturedForexforex end of day signals,forex investing live,forex investing live signals,forex trading,forex trading breakthrough,set and forget forex signals