How to be consistently profitable in forex trading.
Forex Trading Strategies – How to be consistently profitable in forex trading
FOREX TRADING STRATEGIES
I always get the same questions from forex traders around the world:
“Ezekiel, I can’t seem to be consistently profitable in forex trading”
then they may follow on by “I know my forex trading strategy works.. but i just can’t get profits month after month..”
These are the questions that i get frequently. And this is my general answer to them.
I will usually ask them back:
“So, are you keeping track of your trades?”
You see, to be consistently profitable. You cannot forgo this important step.
That is TRACKING.
All successful businessman tracks their own and their company’s performance.
This also applies to successful forex traders.
You must have a proper and systematic way to track your trades and your success.
So that you can see if you are on the right track to success or if you are not even on the track..
Forex Trading Strategies – How to be consistently profitable in forex trading
Here are some simple ways to track your forex trades:
Firstly, you have to just focus on just 1 forex trading strategy at 1 time.
You cannot trade different forex trading strategies together at 1 time, at 1 account.
If you do that -
My question to you is:
How do you know which forex trading strategy is working for you? And which is not working?
Therefore, start trading 1 strategy at 1 time.
Be specific on the strategy and do not deviate or change random stuffs.
Eg. changing the way you enter, exit trades etc.
It has to be consistent all the way.
So run this strategy trades for 20 trades.
At the end of the test, what is your account status?
Are you profitable, breakeven or negative?
Then ask yourself, did you change anything along the way, among the different trades?
eg. the lot size is different, or you should not have entered a certain trade, but you entered anyway.
If there is a deviation – a change,
then you have to restart the entire test.
By using this method of tracking, you will be able to clearly see whether the forex trading strategy you are using is working for you.
Forex Trading Strategies – How to be consistently profitable in forex trading
Besides, i will recommend you to take screen shots of the trades you entered.
This way, you can review all the 20 trades you have entered once the test is completed.
And you can clearly see what are the mistakes you have made on some trades and what are the things you did right on certain forex trades.
This method will prevent you from repeating the same mistakes again.
Ezekiel Chew
A complete professional forex trading system that even newbies can apply instantly. Asia Forex Mentor's forex course is now FREE!
ok lets try it
I think to be consistent in your trades and profits we need to have a trading plan whic aims and focuses at minimizing the risks and losses of a trader and then a trader should control his emotions and trade with proper money management and aim to make consistent profits from time to time to make sure his strategy works well .
Nice article.
This article reminds me of T0009 performance![[grin]](/themes/default/images/smiles/grin.png)
. His account is not updating anymore. But he made profits in all months he traded.
Stick to your rules
you are right l think the biggest problem is with us.sometimes we have a good working strategy but we are not following it %100 and we always change the rules.l think it is the main problem discibline.
I think initially, we should just expect to win regularly, no matter the amount of profit.
Originally posted by FXlordI think initially, we should just expect to win regularly, no matter the amount of profit.
In the start, acheiving even breakeven is a big problem. So I think initially we should just expect to minimise our loss and try to acheive breakeven.
Originally posted by Jogi
Originally posted by FXlordI think initially, we should just expect to win regularly, no matter the amount of profit.
In the start, acheiving even breakeven is a big problem. So I think initially we should just expect to minimise our loss and try to acheive breakeven.
True. In the start, main objective should be to minimise loss and to acheive a no profit no loss point. But unfortunately most traders try to achieve insanely high profits but loose everything withing few days.
The good or ill of a man lies within his own will. – Epictetus
Nice article by afm.
This is an excellent suggestion. What normally destroys trades imo is rushing into trades that don't make sense, or to make a quick profit that instead turns out to be a loss.
You can make good profit but try your best and don't give up if you suffer a loss over here because loss is the main thing to achieve some good experience which help you to be more confident while placing order in forex trading.