GoldieConfer327
Forex Trading Strategy - Slow Down to Go Fast
I originate from an auto racing background and in that sport there is a saying that goes, "sometimes you have to slow down to go fast." This saying definitely applies to FX trading as well.
In auto racing, like trading, most rookies think that the harder you press the pedal, the faster you'll 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 starts with non-farm payroll (NFP) on the first Friday and during now price often behaves in a certain way. During the second week of each month, after NFP, currencies will often change course and behave within an entirely different manner. Now think about a typical trading day. Is there such a thing? Yes, occasionally there is more price movement, but this movement rarely moves inside a straight line. As rookie traders we quite often put logic aside and concentrate on speed in the end attempt to trade every move we see and every gut feeling that we have. A rookie trader, much like the rookie race car driver, often forgets or doesn't appreciate that it is the way you manage your car, as well as your account, within the curves that determines the way you finish the race.
I have written before about one way you can decelerate when forex online, I refer to it as taking two weeks off. Take a break from trading and define why you desire to be a trader, what your expectations are, and whether those expectations are realistic. Ask may well person if you have reasonable goals and expectations inside your forex trading. You can easily forget the guy by having an interesting accent is trying to sell us something and we forget to ask ourselves if what we are hearing about forex success is affordable. Forex marketers would like you to believe in going fast because the faster they get you thinking, the faster you will buy.
A different way to decelerate in forex trading would be to assess the timeframe you are deciding to trade. Sure, there is a lot more adrenaline and excitement trading a lesser time period, but fast timeframes require fast decision making. Slow down and trade a higher time frame which means you may have additional time to evaluate the chart, choose in which you want to trade from, and make better decisions. I showed countless traders how easy it is, and low stress it can be, to check on a chart two times a day rather than twice every minute.
The finish goal of any forex currency trading technique is to develop your account. Account growth may be the ultimate way of measuring success, not adrenaline. Take fourteen days off and figure out why you need to trade and then decelerate and find out how quickly your trading success can come. Your ability to deal with those trading twists and turns will make a big difference.
