First it’s understanding the struggle. Much of my research and training has lead me down a very frustrating, none winning trading experience. Most of my hopes and dreams to be a successful Forex trader was pilfering away down the drain month after month and year after year as I struggled and struggled to succeed with nothing to show for it.
My thought process was that success meant strategy. Said another way.. I thought the secret to my success was in finding the magic strategy.
Unbeknownst to me there was an under current or psychology behind successful traders that I just couldn’t grasp. I didn’t even know how to train for that. My thoughts were too clouded with that perfect strategy out there somewhere that would bring in the winning trades on a regular basis (as so many guru’s promised). You may have heard this before “in just a matter of minutes after learning this ABC.. strategy you could be making $100’s or even $1000’s every day. Right…!! and make tons of winning trades!!. Right!!
As much as I tried it just didn’t happen! Something was missing. I don’t blame the guru’s there are so many variables when it comes to trading one can’t possibly know how to train a trader through online strategy or software it takes a type of coaching for most of us unprofessional traders. Coaching that usually we can’t afford and if we could many traders really don’t want to put in the effort.
Struggle and failure brings positive change
For most of us it’s just going to take one little change in our trading practices that will bring the winning trades in on a consistent bases. We have the secret to success, If you been studying trading for a bit you probably have heard it or read about it several times, yet, if you are like me it’s just not sinking in or maybe we don’t understand it. It goes something like this, “a good trader has to be disciplined and mindful of his emotions to succeed” How many of us know this or have heard of it before? Yet we keep failing and failing.
For what ever reason I just kept looking for the next great strategy or software that was going to improve my loosing trades.
Don’t get me wrong strategy is important but it’s not the entire package.
Taking the action required to become a more successful Forex trader
In this post I’m going to teach you 3 things that helped me make a big change in my trading carrier. By no means am I perfect but I’m well on my way to being a lot more successful. I believe you can too, turn your trading around. Below there are 3 legit Intraday trading techniques that work to improve your trading in-spite of your strategy.
#1. First and foremost we need to be aware of one major bad habit traders have that hinders their ability for success. For me, once I understood it, a transformation began to take place. I believe, just being aware of it and having heard it from a trusted source it will began to sink in. It is called “Over-trading” this is one of the worst habits a trader can have. Many times it is associated with emotions of revenge trading, trying to re-coupe losses or greed trading, trying to take every possible trade. In this first step just watch yourself trade and see if this happens, see if you can spot yourself feeling frustrated and over-trading, or like you are just trading to trade. Maybe after a trade that didn’t work out you try to make up for the loss. Just watch for it! During this process please use a demo trading account. You want to be successful on demo first.
#2. Journal your trades. This is where the coaching we need comes in. It’s self coaching process but it can be just as effective as any other coaching process. Personally I track the pair I’m trading, my wins and losses, what I feel about the trade, did I follow the rules?, did I execute the trade properly? etc.. It’s a good way for us to identify things we are doing and/or patterns in our trading style that help us improve. Believe it or not there is an endless amount of helping yourself by doing this. Be honest with yourself and not afraid to shine the light on your mistakes. Hold yourself accountable!
#3 Change this one thing and see what happens. This was very difficult for me at first but once I did it, it improved my trading dramatically. Plus it made my job as a trader extremely easy. This is mainly for Intraday traders. Traders that take daily short term trades. For now on when you trade if you start the day off with a looser quit right then and there! Shut it down and wait until the next day. If you have a winner do the opposite look for a second or third trade that day. It’s a simple procedure but works very effectively.
Well there you have it! Try these out and see what happens. Let me know, leave a comment or send me an email. firstname.lastname@example.org look forward to hearing from you!
PS. When you are demo trading it’s a good idea to pretend you are trying to build a successful record of your trades to apply for a mega trading job. I do this as a way to increase the value of the demo account so I can trade it like real money.
If you are looking for a simple Forex trading strategy you are welcomed to join me in the members area where I have recorded some videos revealing a few of the ways I trade or have traded in the past. Sign up on my email list today at the top right of this page. You will then get access to my members area for free. Scroll down in the members area to see my most recent trading strategy currently using.
Until next time, Trade well~~~