The Big secret to Forex trading success
Those were emphasized examples of what all of us, including me, have done at some point of our trading journey. This includes continuously changing and searching for new and more complex trading strategies, more profitable indicators, or simply following illusive trading signals promising easy returns.
If you’re still doing so, the faster you’ll realise that there is no big secret to Forex trading success the faster you’ll become more successful. But you might say: “But that guy did it!” Yes, and 99 other ‘guys’ failed. Not even including the multiple time the succeeded person you know failed before wining fortunes ant only telling part of his success story. Another way to look at the problem is see are you trading or gambling.
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What can you do?
Hopefully by now you understood that there is no Holy Grail in Forex, otherwise, let it sink in. If that doesn’t discourage you and you want to continue towards your dream, there are several concepts that should help you.
Trading Forex is hard
The first secret to Forex trading success is to realize that trading FX, or any instrument for that matter, is not easy. If you heard about the principle that working in any field requires 10,000 hours of deliberate practice to become world-class, you can apply the same psychology here.
It could take years before you can earn a significant amount of money. Having said that, you should not trade to win money, but instead to protect your capital.
This is therefore a good point to reevaluate your position and decide if Forex is where you want to be or if you started trading just because you thought it was easy.
Don’t make it complicated
The worst thing you could do is to complicate what is already hard. Play it simple and never try to beat the market or fight against it. There is no need to have anything more than couple of windowed indicators and two moving averages. Unless you understand econometrics and know what you are doing.
Multiple ways of how to have an edge over the market exist and it’s not about how many indicators can you add to one chart. Remember, the more you relay on technical tools, the easier it is for a broker to fail you.
Stick to what you started
Continue learning and developing. In addition, keep up with the latest market news. Create your personal trading plan and log your performance.
Returning to the first ‘secret’ to Forex, success will demand time and constant practice. Feedback and evaluation of your trading plan will help speed up the process.
Hope this article helped you to burst any fake bubbles and stop searching for the big secret to Forex trading success.
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