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Old 06-02-2018, 05:24 AM
painofhell painofhell is offline
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Default Want to Succeed at Forex Trading? Learn to Avoid It First

Why do so few succeed at Forex trading?

The answer to this question is incredibly subjective. Some will say itís because the market is rigged for us to fail, or that retail traders donít have sufficient resources to compete.

There may be some truth to those, particularly the first. Itís no secret that the odds arenít in our favor. Otherwise, there would be a lot more profitable retail traders out there.

But hereís the thingÖ

Those are just excuses. They may offer some insight into why success is so elusive, but they are not the real reason why so many fail.

Want to know the only reason so many Forex retail traders fail?

They give up!

Thatís it. Thereís no other logical explanation.

Sure, things like having the odds stacked against us and somewhat limited resources might make it more difficult, but they arenít the reason why so many fail, theyíre just challenges along the way.

This website is full of strategies, methods and helpful tips on how to stack the odds in your favor. Iíve shared my favorite candlestick patterns, chart patterns and just about everything else that has helped me over the years.

But thereís one secret to success that I havenít shared until today: your ability (or perhaps inability) to avoid the Forex market.

Yes, you read that right. If you want to succeed as a Forex trader, you have to put some space between yourself and the market. Otherwise, you run the risk of overtrading or just getting burnt out.

Burnout is one reason so many people throw in the towel. They donít know when to just back off and come back for a fresh start tomorrow.

This could be for a variety of reasons, which weíll get to next. For now, just know that most Forex traders Iíve mentored started to find success only after distancing themselves from their charts and their desire to succeed.

In other words, they started to avoid trading.

Iím about to share with you a few reasons why you might need to distance yourself from the market. Iíll also give you five simple ways to get back on track and rid yourself of destructive habits like overtrading.

Ready to get started? Letís do this.

A Few Reasons Why You Might Need Some Space
need_spaceI get emails all the time from traders who have been trying for years to become successfulĖwith little to show for their time or effort.

In most cases, there are a few quick fixes that can help. But almost every single one of these individuals suffers from the same dilemma.

They want consistent profits so badly that they have become their own worst enemy.

Instead of taking a structured approach to their chart analysis, theyíve become obsessed. Now, Iíll be the first to admit that an almost obsessive passion is necessary to succeed at trading Forex.

However, thereís a big difference between an abundance of passion for something and obsessive unstructured actions.

The latter will get you in troubleĖfast.

Passion is only useful when channeled through a logical approach. That means if there are no favorable setups today you should walk away and come back tomorrow, regardless of how badly you want to succeed.

Forcing your way through situations where the market is telling you to do nothing is a recipe for disaster.

But there are other reasons you might want to consider putting some space between yourself and the market.

Here are a couple of the most common reasons:

Immediately following a large profit or loss
You have probably heard someone say that itís a good idea to take a break after a loss or a string of losses, and I wholeheartedly agree.

However, one thing you may not have heard is that itís a good idea also to take a break following a large profit. The same holds true for a string of profitable trades.

You see, just like after a string of losses, your emotions begin to run wild after a series of wins. For one, your confidence grows. This can be a good thing, but all too often overconfidence creeps in, which can be disastrous.

In these moments, itís a good idea to avoid trading altogether. Once youíve had a day or two to collect your thoughts and reel in your emotions, feel free to get back in the driverís seat.

Unfavorable market conditions
Consolidation and choppy price action usually go hand in hand. Not always, but the two tend to find each other more often than not.

Whenever you see consolidation take over after a trend, itís a big red flag to avoid the markets for a while.

As a general rule, we want to catch the trends and avoid consolidation. The easiest way to do this is to identify your key levels and then wait patiently for a breakout in either direction.

One thing I see quite often are traders misjudging the end of consolidation. Usually, the fear of missing out causes them to jump in too early.

Always assume that a period of consolidation will last longer than you expect. By doing this, you reduce the fear of the market taking off without you. It will also help you avoid unnecessary losses by keeping you out of the choppy price action.

Stop Caring So Much
As if the topic of this article wasnít controversial enough, now Iím suggesting that you stop caring so much about becoming a successful Forex trader.

Youíre probably thinking, Great, whatís next?

Before my inbox fills with emails from disappointed readers, allow me to explain.

Since 2007, Iíve had ups and downs like you wouldnít believe. Iíve also had the pleasure of working with more than 1,000 students and connecting with hundreds of thousands of visitors on this very website.

One thing almost everyone Iíve come across has in common is that they care too much. They want consistent profits yesterday. Not tomorrow, not next month and certainly not next year.

They want it now!

I get it. I was the same way when I started trading equities in 2002 and not much changed when I made the switch to currencies in 2007.

One thing Iíve learned over the years, though, is that thereís a big difference between being passionate about a goal and exhibiting the discipline to see it through.

Itís knowing when to take your foot off the gas pedal and hit the brake instead. Thatís what separates the successful from the not-so-successful in this business.

So, by all means, continue to have the passion to make it as a Forex trader. Let that fire burn inside of you day and night.

Just remember that itís a marathon, not a sprint, to the finish line. This means having the discipline to know when to avoid the markets altogether.

5 Simple Ways to Regain Control
Now that you know that one of the best ways to succeed at Forex trading is to avoid the market, letís discuss a few ways to do just that.

The following tips and techniques will help you stay patient and adopt a low-frequency approach to the markets.

1. Use the daily time frame
This is by far the best way to learn to avoid the Forex market.

When you begin using the daily time frame everything slows down. You have more time to analyze your charts which results in better decision making.

Moreover, using the daily time frame to watch for price action setups simplifies the entire process. Youíre no longer sitting in front of your computer for hours watching six indicators and five different time frames for signals.

And you know what? Simple is good!

I was just rereading my Market Wizards books the other day and was reminded of how many traders in those books endorse the idea of keeping things simple.

You donít need multiple indicators and sophisticated algorithms to be successful in this business.

Nobody ever said a trading edge needs to be complicated. Look no further than the price action strategies I teach on this site.

If you want to get back to basics and learn to avoid the markets while conditions are unfavorable, switching to the daily time frame is a great place to start.

2. Find a hobby
Itís important to have activities you enjoy doing other than trading. The truth is, if youíre trading the daily time frame you may only get five to ten favorable setups each month.

That means youíre going to have quite a bit of time on your hands. This is where many Forex traders get burned.

Instead of finding something else to do with their time when conditions are unfavorable, they force trades. They spend hours staring at their charts hoping for something to do.

Donít fall into this trap. If thereís nothing to do at the moment, find something else to occupy your time until favorable conditions return.

3. Stop searching for setups
A few weeks ago I wrote about the idea that if you look hard enough for something you will find it. After a while your mind convinces you that what youíre searching for is right in front of you, regardless of whether it is or not.

Thereís an old saying that if you go looking for trouble, youíll surely find it.

As a Forex trader, Itís far too easy to fall into this trap. After hours of staring at your charts, that one setup you didnít like at first looks better by the second.

Before you know it youíve convinced yourself that itís an ďA+Ē setup when itís really more of a ďBĒ or even ďCĒ setup.

Why does that happen?

Most of the time, itís because you were searching for a setup rather than scanning for one.

You see, once you have your levels drawn for each currency pair, scanning for setups each day should only take minutes. If nothing jumps out at you right away, itís a sign that you should walk away and come back tomorrow.

The problem when you search for setups is that you develop a ďmust findĒ mentality. In other words, you need to find something to trade before you get up and walk away.

Think about the last time you lost your car keys or your phone. Did you give up searching when they didnít turn up right away?

I bet not.

Scanning, on the other hand, is more of a casual browsing session where you spend no more than a minute or two on each chart.

If you find something, great. If not, thereís always tomorrow.

Keep your analysis sessions as brief as possible. The longer you sit in front of your computer scanning for a setup, the more likely it is that you will find one regardless of its quality.

4. Recalculate your expectations
How long does it take someone to become a successful Forex trader?

How much do most profitable Forex traders make each month?

These are two common questions youíll find on just about any Forex-related forum on the internet.

The answer to both usually goes something like thisĖit depends.

Personally, I agree wholeheartedly with that answer. Itís a mistake to think that anyone can put a definitive timeline on how long it takes to become successful or how much a trader makes each month on average.

However, one thing I will say is that most people tend to be overly optimistic with their assumptions.

So how long does it take?

My answer: years. Not days, weeks or months.

How much, on average, do most successful traders make each month?

Probably less than 5% and certainly less than 10%.

Once you know these figures, that 2% gain you made last month starts to look a lot better.

And if youíve been at it for two years with nothing to show for it, donít worry. It may take you three, four or even five years to reach your goals. But as I said at the beginning of this post, giving up is the only way you can fail.

Remember, this is a marathon, not a sprint. There are no shortcuts or free rides, just hard work and perseverance.

5. Recondition your mind to see money saved as money earned
This is probably my favorite way to increase profitability as a Forex trader.

There seems to be this unspoken belief in the trading world that if you arenít in a position youíre somehow missing out.

In other words, if you arenít trading youíre losing.

This couldnít be further from the truth. The fact is that trading when thereís nothing to do just so you can claim to be trading is a surefire way to blow your account.

Think of it this way, it takes a 100% gain to recover from a 50% loss. So if you started with $10,000 and lost $5,000, youíd have to double your money just to get back to your starting balance.

The best way to overcome trading for the sake of trading is to learn to enjoy being on the sideline.

Convince yourself that protecting your capital is far more important than growing your account balance. Thatís how you make it to the next level of your trading career.
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Old 07-02-2018, 11:10 AM
GraceSmith GraceSmith is offline

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Everyone of us wants to become successful in the trading industry however, There are things that you need to learn before you become successful.

1. Define your goals and choose a compatible trading style- In this case, you should have an objective as to what would you like to achieve.
2. Choose a broker who offers Benefits and a trading platform - It is important that the trader will get benefits to his/her broker and ensures that their traders earn the most with them.
3. Choose your entry and exit timeframe carefully.
4. Focus on your trades and learn to love small losses
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Old 19-02-2018, 04:08 AM
mhammede mhammede is offline

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thanks for this articles
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