HalliAlvis885
Forex Trading Strategy - Slow Down to Go Fast
I come from an auto racing background for the reason that sport there is a saying that goes, "sometimes you have to slow down to go fast." This saying definitely applies to FX trading too.
In auto racing, like trading, most rookies believe that greater you press the pedal, the faster you will go. This can be true when driving in a straight line, but racing, much like trading involves many turns. Think about a typical trading month in forex. The month begins with non-farm payroll (NFP) around the first Friday and during this week price often behaves in a certain way. During the second week of every month, after NFP, currencies will frequently change course and behave in an entirely different manner. Now look at a typical trading day. Is there this? Yes, occasionally there is more price movement, but this movement rarely moves in a straight line. As rookie traders we quite often put logic aside and focus on speed while we attempt to trade every move we see and each gut feeling that people have. A rookie forex trader, similar to the rookie race car driver, often forgets or does not appreciate that it's the way you manage your car, and your account, within the curves that determines the way you finish the race.
I have written before about one of the ways you can slow down when trading currencies online, I call it taking fourteen days off. Take a rest from trading and define why you want to be an investor, what your expectations are, and whether those expectations are realistic. Ask may well person if you have reasonable goals and expectations inside your forex currency trading. You can easily forget that the guy by having an interesting accent is trying to sell us something and that we forget to ask ourselves if what we should are listening to forex success is affordable. Forex marketers want you to believe in going fast since the faster they enable you to get thinking, the faster you will purchase.
A different way to slow down in forex trading is to assess the timeframe you're deciding to trade. Sure, there is a lot more adrenaline and excitement trading a lesser time frame, but fast timeframes require fast decision making. Decelerate and trade a higher time period so you will have additional time to evaluate the chart, choose in which you wish to trade from, and make better decisions. I showed countless traders how easy it is, and low stress it may be, to check on a chart two times a day rather than twice every minute.
The finish goal associated with a forex trading technique is to grow your account. Account growth is the ultimate way of measuring success, not adrenaline. Take two weeks off and figure out why you want to trade and then slow down and find out how quickly your trading success can come. Your ability to handle those trading twists and turns will make all the difference.
