IsaacChronister359
Forex currency trading Strategy - Slow Down to Go Fast
I originate from a car racing background and in that sport there's a stating that goes, "sometimes you need to slow down to go fast." This saying definitely pertains to FX trading too.
In auto racing, like trading, most rookies believe that greater you press the pedal, the faster you will go. This might be true when driving inside a straight line, but racing, just like trading involves many turns. Look at a typical trading month in forex. The month starts with non-farm payroll (NFP) on the first Friday and during now price often behaves inside 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 such a thing? Yes, occasionally there's more price movement, but this movement rarely moves inside a straight line. As rookie traders we often put logic aside and focus on speed while we make an effort to trade every move we see and each gut feeling that we have. A rookie trader, much like the rookie race car driver, often forgets or does not appreciate that it is how you manage your vehicle, and your account, in the curves that determines how you finish the race.
I've written before about one way you are able to slow down when trading currencies online, I call it taking two weeks off. Take a break from trading and define the reason why you want to be an investor, what your expectations are, and whether or not those expectations are realistic. Ask a logical person if you have reasonable goals and expectations in your forex currency trading. It is easy to forget the guy by having an interesting accent is attempting to sell us something and that we forget to inquire about ourselves if what we should are hearing about forex success is reasonable. Forex marketers want you to believe in going fast because the faster they enable you to get thinking, the faster you will purchase.
A different way to decelerate in forex trading would be to assess the timeframe you are choosing to trade. Sure, there is a lot more adrenaline and excitement trading a lesser time period, but fast timeframes require fast decision making. Decelerate and trade a greater time period which means you may have more time to evaluate the chart, choose in which you wish to trade from, and make better decisions. I showed countless traders how easy it's, and low stress it may be, to check on a chart two times a day rather than twice every minute.
The end goal associated with a forex trading strategy is to grow your account. Account growth is the ultimate way of measuring success, not adrenaline. Take fourteen days off and understand why you need to trade after which slow down and find out how fast your trading success can come. What you can do to deal with those trading twists and turns can make a big difference.
