Why you should be consistent with your methodby Dwayne Buzzell Forex
Traders in Forex market always think they can beat the market. For this, they always keep trading the market with one after another strategy. This is a big mistake in Forex. Most of the time, traders who have been trading the market for a long time know from their experience that they need to follow one strategy for their success. Even all the professional trader in Switzerland always trade the market with a single trading system. They know very well that a simple trading system is capable of making long term profit. Instead of looking for big winners always try to maintain consistency with your trading result. Though a lot of traders cannot understand the importance of consistency in their strategy, we hope that you will after you have read our article.
No strategy works all the time
First of all, you have to understand that there is no strategy which will work all the time in the market. Even with the most successful strategy, you will find that you are always losing in markets. If you look at the professional trader, you will find proof of this word. These traders are also losing their money in Forex. It is very natural and normal that you are likely to lose money with all types of strategy. Changing your strategy will not work in the market. The time that you will spend on developing and mastering your new strategy if you use that in your old strategy, it will be much efficient.
Consistency pays off
Most importantly, consistency pays off in Forex. When you are trading in a market with a long-time strategy, nothing can go wrong except losing. If you try to use a new strategy in CFD trading, it will only consume your time but you will not find that as effective as your old strategy. You have to stick with your strategy no matter what you want to try. People who are an old trader in Forex, they always say that you need to be consistent whether it is your strategy or your trading market to win in Forex. However you need to make sure that you are always updating your trading system to keep track with the changes of the market. For instance, if the market starts exhibiting lots of false spikes then it’s better for you to use a wider stop loss. On the country, if you see extreme level of stability in price movement than you can easily increase the lot size and use a tight stop loss to make a bigger profit.
Not all strategy suits every trader
The strategy of the trader also depends on the personality of the trader. If you love the fast result, you are not going to change your strategy for day trading to positional trading. It depends on your mood also and on the market that you are trading. If you think switching strategy is very easy, it will not pay off in Forex. You need to be very precise and trader mindset to change. Only change if you think this strategy really does not work for you. Otherwise, keep trading the market and try to develop your strategy. You might have a huge amount of money but never spend any amount on buying bots and EAs. However being new to this market it’s always a good thing to go for some paid trading course. The professional traders can easily guide you and help you to understand your basic nature so that you can develop the trading system based on your own personality.
Summary: Making money consistently is one of the most difficult tasks for every novice trader. If you want to consider yourself as a professional trader then develop a solid trading strategy and stick to it. But when you develop your own system make sure that your system is capable of dealing with the losing trades.
Created on Aug 25th 2017 09:06. Viewed 533 times.