Theres no shortage of Forex trading tips online these days. A quick online search will inevitably provide you with an endless supply of tips to help with your trading.
· 1.The Market is Neutral
· 2.Focus on the Process and the Profits Will Follow
· 3.Trying Harder Is the Worst Thing You Can Do
1. The Market Is Neutral
Have you ever blamed the market for a loss？
Sure, you have; we all have. Placing blame elsewhere makes it easier to cope with an unpleasant experience, such as when you are wrong and lose money at the same time.
However, this doesnt make sense because the market is always neutral. Moreover, deflecting blame only stunts your growth as a Forex trader.
You see, the only bias is yours. The market just flows with the information it‘s given. It doesn’t know you or whether youre bullish or bearish.
Why does that matter？
Because far too many traders think the market is out to get them—as if every rate decision and employment figure is determined to take them out of the trade.
When you accept that the market is always neutral, you have no choice but to improve. After all, you are responsible for each possible outcome, good or bad.
2. Focus on the Process and the Profits Will Follow
If you want to become consistently profitable (which I assume you do), then its imperative that you stop focusing on the profits.
Every Forex trader wants to make millions of dollars. Thats nothing new.
But how many retail traders make it happen？
One thing that separates the 1% of millionaire Forex traders from the rest is that they arent focused on making millions.
They prioritize quality over quantity trades, and do not risk more than theyre comfortable losing.
3. Trying Harder Is the Worst Thing You Can Do
Forex trading is a paradox. On the one hand, you must devote a crazy amount of screen time to become successful.
But on the other hand, trying harder will leave you a trading loss or worse, a blown account.
That‘s because the market isn’t on your schedule. It does what it wants when it wants.
You cant force it to offer favourable setups or play out in your favour, regardless of how much effort you apply.
In fact, the harder you try to find a favourable setup, the more likely you are to walk away with a loss.
Instead of trying harder to find setups, put more effort into your technical analysis.
Spend time learning how to identify the best levels possible. Understand what a markets highs and lows can tell you about momentum. Learn everything there is to know about risk management.
Applying more effort to those areas can be a game changer. On the other hand, exerting more effort trying to find favourable setups or make a trade profitable can be devastating.
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