The key to forex trading is in the basics. So many traders get caught up in complicated lines of thinking, or the newest and technological strategy. Making money in forex isnt about making great entries or exits or having a wide knowledge of every strategy. It is about good money management skills and staying consistent and simple.
Money management skills will come out on top more often than not and they will save the money that you already have. Trading is about refining your skill and then doing your best at it over and over again. You have to learn to be consistent in your trading and you have to find what you feel confident with and make that work for you. If you have study a strategy but dont feel confident with it your trading will suffer no matter how good the strategy was.
It is in the basics and repetition of basics that you find success. Basics are basics for a reason, they work. Its when you can successfully repeat those basics over and over and make few if any mistakes that your success will take off.
Generally in a week there are only 5 or 6 big trades and you have to find them and see them for what they are to win big. Throughout the week you will have smaller trades and hopefully only a few small losses. When it is all said and done though at the end of the day the basics are what will have made you money, both in the big trades and in the small trades.
Learn to trade with the basics and have trust and faith in them and the results will follow. Forex trading already involves a lot of emotion and when you start adding big frustrating and confusing strategies to your routine you may discover that those feelings of frustration make it difficult to trade without emotion.
One of the top reasons to stick to the basics is because of the 5 or 6 big trades that we talked about earlier. Those trades will come when they want to and no one can force them too. So when they do come you have to be ready, ready to jump with skills you feel comfortable with and skills you know work for you.
So in summary: Trade with good money management skills, learn the basics, practice the basics, prefect the basics and see results.
Money management skills will come out on top more often than not and they will save the money that you already have. Trading is about refining your skill and then doing your best at it over and over again. You have to learn to be consistent in your trading and you have to find what you feel confident with and make that work for you. If you have study a strategy but dont feel confident with it your trading will suffer no matter how good the strategy was.
It is in the basics and repetition of basics that you find success. Basics are basics for a reason, they work. Its when you can successfully repeat those basics over and over and make few if any mistakes that your success will take off.
Generally in a week there are only 5 or 6 big trades and you have to find them and see them for what they are to win big. Throughout the week you will have smaller trades and hopefully only a few small losses. When it is all said and done though at the end of the day the basics are what will have made you money, both in the big trades and in the small trades.
Learn to trade with the basics and have trust and faith in them and the results will follow. Forex trading already involves a lot of emotion and when you start adding big frustrating and confusing strategies to your routine you may discover that those feelings of frustration make it difficult to trade without emotion.
One of the top reasons to stick to the basics is because of the 5 or 6 big trades that we talked about earlier. Those trades will come when they want to and no one can force them too. So when they do come you have to be ready, ready to jump with skills you feel comfortable with and skills you know work for you.
So in summary: Trade with good money management skills, learn the basics, practice the basics, prefect the basics and see results.