Forex trader helps and tips can be a big help in daily Fx trading. And the secret is to filter out the ones that are wrong or just not helpful.
There is an old Chinese saying that says, “Good things take time”. And to have lucrative Forex investments do too. As a fx trader I have found out that the more patient you are the more capital you get from your forex trading adventure.
Forex strategy trading is all about making intelligent choices at the right time. In this article I would like you go over. How you can acquire the necessary amount of patience for successful currency exchange trading.
As a Forex Trader is not about quantity but the grade of your trades.
It is unbelievable how a great deal of folks out there believe that by taking more trades they will make more income. I have actually found the contrary to be true. A variety of individuals will differ in opinion with me on this but that’s OK.
I sincerely think that the more trades you take the more times you expose your account to risk. And the more room you have to commit accidents. In average I take about only 5-10 trades per month and I pay attention to on higher time frames.
For what reason?
Because the big money is in the higher time frames. All the hedge fund managers, money managers, and institutional traders are paying attention to them. Due to this fact more money can be created in a daily or 4 hour chart. Than a 5 minute chart by a smart forex trader.
I think it is very interesting how many of my colleague traders. Who trade lower time frames. Make less or the same profits I make but with about 4 times more work on their part.
Profitable currency trading can only be reached through working smarter not harder.
Concentrate on the process not on the profits. I have always thought that if you focus on how much capital you are going to earn. You will not concentrate on trading effectively and making smart investments.
The other day I was reading one of my most liked books – Market Wizards by Jack Schwager.
One of the traders he interviewed for the writing of his book. Stated something that had a very strong effect on the way I see currency trading. The name of this trader is Paul Tudor Jones. He is a legendary futures trader. And he once said, “everything gets destroyed a hundred times faster than it is built up”.
It takes only one day to tear down something that might have taken 10 years to build. This is totally true for currency trading. If you don’t comprehend what you are doing. And your risk management is off. You could blow up your trading funds (that maybe took you years to save) in a matter of hours.
This is why every forex trader has to focus on the process instead of focusing on the profits. Remember that playing a strong defense will be more beneficial than playing a robust offense.
A profitable trading strategy plus patience and discipline is all you need to be successful.
Most currency traders have a hard time concentrating on one strategy. And because of that, they lose more money than they generate. A lot of my friends and trading partners come to visit me to my office. Simply because they wish to see how I trade. And most of them are entirely puzzled after a couple of days. They hope to see me trading all day long, working hard at it, and always looking at my charts.
Instead of that they are astounded when they know that I only place about 1-3 trades per week. And monitor them as the days go by. Then the rest of my time, I am exercising, going out to places, spending quality time with my family, or taking a vacation. The reason why I am able to do this is because I have centered all of my energy. On becoming more efficient and trading smarter, not harder.
You can do this too by focusing on higher time frames, taking fewer trades, and focusing on the process rather than on the profits as a forex trader.